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Graham Corporation (NYSE Amex:
The first two steam surface condensers are for a new petrochemical facility currently under construction in China and the third is for a capacity expansion of a U.S.-based ethylene production facility. The U.S. order will replace a condenser supplied by Graham more than 45 years ago that is still in operation. All three condensers are planned to be produced in Graham’s Batavia, New York facility, with deliveries planned for the quarter ending June 30, 2012. Graham’s current fiscal year ends March 31, 2012.
James R. Lines, Graham's President and Chief Executive Officer, commented, "Planned investment in new capacity to refine oil, produce petrochemicals and expand production of fertilizers has increased the number of opportunities on which we are bidding. In particular, we are seeing more bidding activity in Asia, the Middle East and, to a lesser extent, South Ameria. We are also seeing renewed activity in U.S.-based petrochemical investments. The order for the ethylene plant is due in part to lower natural gas prices which have resulted in more favorable economics for U.S.-based production. For these wins, the customer placed considerable value on our engineering and fabrication expertise, process know-how and product reliability by the end-user."
Commenting on the U.S. order, Mr. Lines noted, “I believe the fact that a steam surface condenser supplied in the early 1960’s remained in operation for over 45 years is a testament to the quality of Graham’s engineering and fabrication, and exemplifies what the Graham brand stands for.”
"We believe our markets are in the early stages of recovery and we remain encouraged by our expanding bidding pipeline,” Mr. Lines added.