Wins validate success of strategies to
leverage installed base and broaden geographic reach through
localization
Graham Corporation (NYSE: GHM), a global business that designs,
manufactures and sells critical equipment for the oil refining,
petrochemical and defense industries, today announced that it
secured $11 million in orders for three oil refining projects in
Asia. Two projects are in Southeast Asia while the largest project
is the first large order received in India by the Company and is
with a new customer.
James R. Lines, Graham’s President and Chief Executive Officer,
commented, “We believe our effective execution on strategy and our
consultative selling platform enabled us to capture these awards
during a period of intense competition and focus on price. We
believe that our decision to localize in India provided us the
opportunity to successfully compete on that project and is also
keeping the bid pipeline in that country quite active. We continued
to leverage our global fabrication supply chain where appropriate
in order to compete effectively, and we stayed engaged throughout
the nearly two year pipeline cycle with both buyers and end users
to ensure we addressed their requirements.”
The project in India is a greenfield, integrated refining and
petrochemical complex for which Graham will provide an
ejector-liquid ring pump vacuum system.
Graham will also be providing an ejector-liquid ring pump vacuum
system for the upgrade and expansion of a clean fuels refinery
project, as well as replacing a 25-year-old Graham-built steam
surface condenser for a refinery revitalization and capacity
expansion project. Both of these projects are in Southeast
Asia.
The projects will be recognized in backlog for the second
quarter of fiscal 2021 while revenue associated with the three
projects is expected be realized in fiscal 2022, which ends March
31, 2022.
ABOUT GRAHAM CORPORATION
Graham is a global business that designs, manufactures and sells
critical equipment for the energy, defense and
chemical/petrochemical industries. Energy markets include oil
refining, cogeneration, and alternative power. For the defense
industry, the Company’s equipment is used in nuclear propulsion
power systems for the U.S. Navy. Graham’s global brand is built
upon world-renowned engineering expertise in vacuum and heat
transfer technology, responsive and flexible service and
unsurpassed quality.
Graham designs and manufactures custom-engineered ejectors,
vacuum pumping systems, surface condensers and vacuum systems.
Graham’s equipment can also be found in other diverse applications
such as metal refining, pulp and paper processing, water heating,
refrigeration, desalination, food processing, pharmaceutical,
heating, ventilating and air conditioning. Graham’s reach spans the
globe and 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,” “confidence,” “projects,” “typically,” “outlook,”
“anticipates,” “believes,” “appears,” “could,” “opportunities,”
“seeking,” “plans,” “aim,” “pursuit,” “look towards” 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,
effects of the COVID-19 global pandemic, expected expansion and
growth opportunities within its domestic and international 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 and
productivity, customer preferences, changes in market conditions in
the industries in which it operates, the effect on its business of
volatility in commodities prices, including, but not limited to,
the extreme price volatility seen in the first six months of
calendar year 2020, changes in general economic conditions and
customer behavior, forecasts regarding the timing and scope of the
economic recovery in its markets, its acquisition and growth
strategy and its operations in China, India and other international
locations, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200813005758/en/
Jeffrey F. Glajch Vice President – Finance and CFO Phone:
(585) 343-2216 jglajch@graham-mfg.com
Deborah K. Pawlowski / Christopher M. Gordon Kei Advisors
LLC Phone: (716) 843-3908 / (716) 843-3748
dpawlowski@keiadvisors.com / cgordon@keiadvisors.com
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