Graham Corporation Awarded $6 Million in Condenser Orders
March 10 2010 - 4:10PM
Business Wire
Graham Corporation (NYSE Amex: GHM) a manufacturer of critical
equipment for the energy, petrochemical and other process
industries, today announced that it has been awarded orders
totaling approximately $6 million for steam surface condensers that
will be installed at facilities in the U.S. and Asia.
The first order is for a custom-engineered steam surface
condenser destined for a municipal waste-to-energy project in the
U.S. Upon completion, the expanded facility will generate 80
megawatts of electricity, making it one of the larger
waste-to-energy projects in this country. The second order is for
steam surface condensers to be installed in a large ethylene
producing facility in Asia. The U.S. order is expected to ship in
the third quarter of Graham’s fiscal year 2011, which begins on
April 1, 2010, and the Asian order is scheduled to ship in the
fourth quarter of Graham’s 2011 fiscal year.
James R. Lines, Graham’s President and Chief Executive Officer,
commented, “We believe that there is a growing pipeline for
alternative energy projects in the U.S., especially in
waste-to-energy, geothermal, solar and cogeneration. We currently
have a number of bids outstanding on approved projects. Moreover,
there are a number of potential projects being evaluated by
facility developers. The Graham brand is recognized as a market
leader by alternative energy project developers, and we have been
supplying condensers to this market, both in the U.S. and
internationally, for many years.”
“The ethylene facility order, our second in as many quarters, is
especially noteworthy because we believe it is an indicator of
petrochemical industry health. We now believe this market is in the
early stages of recovery. Although we are seeing improvement in all
of our markets, we caution that any recovery is susceptible to
project delays due to continued challenges with financing as well
as demand disruptions related to lingering global economic
weakness. Looking to fiscal 2011, we expect to continue to advance
our market share, yet anticipate continued sporadic order activity,
especially in the first half of the year.” Mr. Lines concluded.
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 over 70 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 electrical
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,
ship-building, water heating, refrigeration, desalination, food
processing, pharmaceutical, heating, ventilation 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 on the Company can be
found.
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