BATAVIA, N.Y.--(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.
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
revenue, the timing of conversion of backlog to sales, 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 it operates, changes in general economic conditions and customer
behavior 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 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.