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Graham Corporation (NYSE Amex: GHM) a manufacturer of critical equipment for energy, petrochemical and other process industries, today announced that it has been awarded three orders in excess of $9 million. The orders are for custom-engineered ejector systems to be installed at new refineries in the Middle East and China and equipment for an existing refinery in the United States. The new Middle East and Chinese refineries will have capacities of 400,000 and 200,000 barrels per day, respectively, while the U.S. refinery is being revamped to improve operating costs and reduce environmental impact. The equipment for the U.S. refinery and a portion of the international orders are expected to be engineered and manufactured in Graham’s Batavia, New York, facility.
The shipment of the orders announced today are expected to occur in Graham’s fiscal 2011 third and fourth quarters, with the majority of the revenue expected to be recognized during the same quarters. Graham’s fiscal year 2011 begins on April 1, 2010.
James R. Lines, Graham’s President and Chief Executive Officer, commented, “The Chinese government’s stimulus package is supporting construction of new refineries and allowing us to continue to expand our installations of refinery ejector systems. We believe our proven capabilities, including the successful start-up and operation of recently delivered ejector systems in China, along with our valuebased sales model puts Graham in an excellent position to win additional orders for the expanding Chinese refining market. We have also been successful pursuing opportunities associated with the massive refinery projects moving forward in the Middle East.”