Graham Corporation Awarded $5 Million in Orders for Refinery Ejector Systems
28 February 2009 - 12:30AM
Business Wire
Graham Corporation (NYSE-A: GHM) announced today that it has
been awarded two orders valued at approximately $5 million for two
ejector systems to be installed in oil refineries located in the
Middle East and in the U.S. Gulf Coast region.
Each ejector system will be used in the refining of base oils,
which are primarily lubricating oils used in automobile, truck and
other internal combustion engines to improve fuel economy. The
first order is expected to be shipped to a refinery in the Middle
East in December 2009, while the second order is planned for
shipment in Graham�s fiscal fourth quarter ending March 31, 2010.
Substantially all of the equipment will be produced in the
Company�s Batavia, New York facility.
James R. Lines, Graham�s President and Chief Executive Officer,
commented, �The increasing global demand for vehicles with higher
fuel economy is driving the requirement for lubricants that reduce
engine friction and heat, providing opportunities for Graham even
in a weak economic environment. Despite current market conditions,
we believe that the long-term demand for energy has not changed and
that our pipeline for potential new orders remains robust. However,
predicting when orders will be placed remains difficult, and we
expect that order placement will remain sluggish until the global
economic outlook improves. In the meantime, we remain focused on
winning new business in order to capture greater marketshare while
at the same time controlling our expenses and improving our
productivity.�
ABOUT GRAHAM CORPORATION
With world-renowned engineering expertise in vacuum and heat
transfer technology, Graham Corporation is a global designer,
manufacturer and supplier of ejectors, pumps, condensers, vacuum
systems and heat exchangers. Over the past 73 years, Graham has
built a reputation for top quality, reliable products and
high-standards of customer service. Sold either as components or
complete system solutions, the principal markets for Graham�s
equipment are the petrochemical, oil refining and electric power
generation industries, including cogeneration and geothermal
plants. Graham's equipment can be found in diverse applications,
such as metal refining, pulp and paper processing, ship-building,
water heating, refrigeration, desalination, food processing,
pharmaceutical, heating, ventilating and air conditioning.
Graham Corporation�s reach spans the globe. Its equipment is
installed in facilities from North and South America to Europe,
Asia, Africa and the Middle East. Graham routinely posts news and
other important information on its website, www.graham-mfg.com,
where additional comprehensive information can be found.
Safe Harbor Regarding Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements are subject to risks,
uncertainties and assumptions and are identified by words such as
�expects,� �estimates,� �projects,� �anticipates,� �believes,�
�could,� and other similar words. All statements addressing
operating performance, events, or developments that Graham
Corporation expects or anticipates will occur in the future,
including but not limited to, statements relating to anticipated
revenues, profit margins, foreign sales operations, its strategy to
build its global sales representative channel, the effectiveness of
automation in expanding its engineering capacity, its ability to
improve cost competitiveness, customer preferences, changes in
market conditions in the industries in which Graham Corporation
operates, changes in general economic conditions and customer
behavior and Graham Corporation�s acquisition strategy are
forward-looking statements. Because they are forward-looking, they
should be evaluated in light of important risk factors and
uncertainties. These risk factors and uncertainties are more fully
described in Graham Corporation's most recent Annual and Quarterly
Reports filed with the Securities and Exchange Commission,
including under the heading entitled �Risk Factors.� Should one or
more of these risks or uncertainties materialize, or should any of
Graham Corporation's underlying assumptions prove incorrect, actual
results may vary materially from those currently anticipated. In
addition, undue reliance should not be placed on Graham
Corporation's forward-looking statements. Except as required by
law, Graham Corporation disclaims any obligation to update or
publicly announce any revisions to any of the forward-looking
statements contained in this press release.
Graham (NYSE:GHM)
Historical Stock Chart
From Sep 2024 to Oct 2024
Graham (NYSE:GHM)
Historical Stock Chart
From Oct 2023 to Oct 2024