Graham Corporation Awarded Follow-On $23 Million Order to Provide Engineered Products for MK48 Mod 7 Heavyweight Torpedo
06 April 2023 - 11:05PM
Business Wire
Graham Corporation (NYSE: GHM) (“GHM” or “the Company”), a
global leader in the design and manufacture of mission critical
fluid, power, heat transfer, and vacuum technologies for the
defense, space, energy, and process industries, today announced
that it has been awarded a follow-on order to support the MK48 Mod
7 Heavyweight Torpedo program valued at approximately $23
million.
Daniel J. Thoren, President and CEO, commented, “We believe the
combination of our engineering know-how, highly skilled workforce,
and precision machining and manufacturing expertise enabled us to
win this follow-on contract award. We have made significant
investments to provide the high quality and reliability required to
supply these critical components for the U.S. Navy and other
foreign militaries. Additionally, we are further investing to
expand our capacity to address growing demand and ensure timely
delivery of our products.”
Graham designs and manufactures the alternators and regulators
for the MK48 Mod 7 Heavyweight Torpedo. The Company expects to
deliver on the firm fixed price contract through 2026. The order
will be reflected in the Company’s fourth quarter fiscal 2023
backlog.
About Graham Corporation
GHM is a global leader in the design and manufacture of mission
critical fluid, power, heat transfer and vacuum technologies for
the defense, space, energy and process industries. The Graham
Manufacturing and Barber-Nichols’ global brands are built upon
world-renowned engineering expertise in vacuum and heat transfer,
cryogenic pumps and turbomachinery technologies, as well as its
responsive and flexible service and the unsurpassed quality
customers have come to expect from the Company’s products and
systems.
Graham Corporation routinely posts news and other important
information on its website, www.grahamcorp.com, where additional
information on Graham Corporation and its businesses 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,”
“anticipates,” “believes,” “will,” “potential,” 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, winning
potential future or multi-year orders, potential revenues and
timing of such revenues, capacity, demand growth, and delivering
timely or otherwise on schedule 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, including under the heading entitled “Risk Factors,”
its quarterly reports on Form 10-Q, and other filings it makes with
the Securities and Exchange Commission. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230406005402/en/
Christopher J. Thome Vice President - Finance and CFO Phone:
(585) 343-2216 Deborah K. Pawlowski/Laura Kiernan Kei Advisors LLC
Phone: (716) 843-3908/ (914) 598-7733 dpawlowski@keiadvisors.com/
lkiernan@keiadvisors.com
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