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BATAVIA, NY, November 19, 2013 – Graham Corporation (NYSE MKT: GHM) (“Graham” or the “Company”), a global business that engineers, manufactures, and sells critical equipment for the oil refining, petrochemical and power industries, and also supplies components and raw materials for nuclear energy facilities, announced that it was recently awarded five orders totaling approximately $10 million for the U.S chemical & petrochemical and power generation markets. The projects are expected to ship during the next 9 to 15 months.
Three orders are for a total of nine surface condensers for use in U.S. ammonia production facilities serving domestic fertilizer markets, including one upgrade and two plant capacity expansions. The remaining two orders are for the U.S. nuclear power generation market. Graham will be providing upgraded filtration components for an existing nuclear facility and ejector systems for four new nuclear operations.
“Low cost natural gas continues to drive the growth of the U.S. chemical and petrochemical industry, which I believe is demonstrated by the number of orders we have secured over the past several months. The industry expansion continues to create opportunities for Graham to capitalize on its engineering and manufacturing expertise. We believe our focus on quality, responsiveness and our ability to manage complex orders are substantiated by these wins for the domestic fertilizer market. We remain excited about solid market fundamentals that support our decision to expand our Batavia execution capacity,” commented James R. Lines, Graham’s President and Chief Executive Officer.
He continued, “We have broadened the solutions we are offering for the nuclear power generation market and, as a result, were able to compete on these opportunities. Further, we are encouraged by the level and diversity of bids that are currently active in this market. It appears to us that nuclear power generation utility companies are returning to typical maintenance cycles, and required investments due to NRC mandates resulting from the events at Fukushima are advancing.”
“We have a world-renowned brand in our markets, a continually growing installed base and long-term customer relationships. I believe that the combination of these factors have led to a record bid pipeline level. We expect this to translate into strong order growth and revenue expansion over the next few years,” Mr. Lines concluded.