- Three oil refinery orders upgrade existing Graham
ejector system components
- New ethylene production capacity order for Graham
surface condensers
Graham Corporation (NYSE:GHM), a global business that designs,
manufactures, and sells critical equipment for the oil refining,
petrochemical and power industries, including the supply of
components and raw materials to nuclear energy facilities,
announced that it was recently awarded four orders for projects
valued at approximately $10 million. The orders are for upgrades of
Graham ejector system components at three oil refineries and an
ethylene capacity expansion project in North America. Shipments are
expected to occur during the next 9 to 15 months.
The three orders for equipment at existing North American oil
refineries include replacement parts for two Canadian oil sands
refineries and another oil refinery in the U.S. Due to the highly
corrosive nature of feedstocks being processed, upgrading of
Graham's critical components is required to enhance the throughput
of these plants. These upgrades include improved metallurgy to help
extend the amount of time between planned plant maintenance and
inspection shut downs.
The fourth order is for a project adding ethylene production
capacity on the U.S. Gulf Coast, as the abundance of readily
available natural gas in North America resulting from recent
technological advances has led to attractive feedstock
prices. Due to its strong brand and reputation in the North
American ethylene market, Graham has been selected to supply
surface condensers for this project.
James R. Lines, Graham's President and Chief Executive Officer,
commented, "Our large installed base in the North American oil
refining market continues to drive orders as our customers attempt
to reduce the frequency of plant shutdowns and change the feedstock
refining capabilities of their facilities. We believe that our
customers' choice of Graham for replacement equipment is a
testament to our quality and reliability."
Mr. Lines added, "The technical advances in the extraction of
shale gas and oil have lowered the prices and increased the supply
of feedstocks for the chemical and petrochemical industry in North
America. Our pipeline of bids is double the size of what we
saw at the beginning of the last expansion cycle in 2004. We
remain encouraged by the overall market fundamentals, our
expectation for orders to be placed during the next 12-15 months
and, importantly, our capabilities today to execute a higher level
of orders than in our past."
ABOUT GRAHAM CORPORATION
With world-renowned engineering expertise in vacuum and heat
transfer technology, Graham Corporation is a global designer,
manufacturer and supplier of custom-engineered ejectors, pumps,
condensers, vacuum systems and heat exchangers. For more than
77 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 energy, including oil and gas refining
and nuclear and other power generation, chemical/petrochemical and
other process industries. In addition, Graham's equipment can
be found in diverse applications, such as metal refining, pulp and
paper processing, shipbuilding, water heating, refrigeration,
desalination, food processing, pharmaceutical, heating, ventilating
and air conditioning, and in nuclear power installations, both
inside the reactor vessel and outside the containment
vessel.
Graham Corporation's subsidiary Energy Steel & Supply Co. is
a leading code fabrication and specialty machining company
dedicated exclusively to the nuclear power industry.
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 on Graham Corporation
and its subsidiaries can be found.
Safe Harbor Regarding Forward Looking
Statements
This news 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," "typically," "anticipates," "believes,"
"appears," "could," "plan," 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, the expected
performance of Energy Steel & Supply Co, expected expansion and
growth opportunities within the domestic and international nuclear
power generation markets, anticipated revenue, the timing of
conversion of backlog to sales, market presence, profit margins,
tax rates, foreign sales operations, its ability to improve cost
competitiveness, customer preferences, changes in market conditions
in the industries in which it operates, changes in general economic
conditions and customer behavior, forecasts regarding the timing
and scope of the economic recovery in its markets, and its
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 Report filed with the Securities and Exchange
Commission, included 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 news release.
CONTACT: Jeffrey F. Glajch
Vice President - Finance and CFO
Phone: (585) 343-2216
Email: jglajch@graham-mfg.com
Deborah K. Pawlowski / Karen L. Howard
Kei Advisors LLC
Phone: (716) 843-3908 / (716) 843-3942
Email: dpawlowski@keiadvisors.com / khoward@keiadvisors.com
Graham (NYSE:GHM)
Historical Stock Chart
From Sep 2024 to Oct 2024
Graham (NYSE:GHM)
Historical Stock Chart
From Oct 2023 to Oct 2024