BATAVIA, N.Y.--(BUSINESS WIRE)--Graham Corporation (NYSE: GHM), a global business that designs, manufactures and sells critical equipment for the oil refining, petrochemical, power and defense industries, announced today that it received two orders totaling approximately $4 million, both for the petrochemical industry in U.S. Gulf Coast ethylene plants.
Both of the orders are for replacement components within the Company’s installed base, for two separate petrochemical upgrade projects. One involves replacing two Graham steam surface condensers that were installed in 1996. That equipment will be updated with more corrosion resistant material. The other award is for replacement parts and components for an onsite upgrade of the two existing surface condensers. Equipment delivery for both orders is planned for fiscal 2019.
James R. Lines, Graham’s President and Chief Executive Officer, commented, “The availability of low cost natural gas from shale development continues to spur investments by North American petrochemical companies in new capacity as well as revamps and debottlenecking projects. Graham has a large installed base that creates opportunities such as these two projects as well as several other projects with which the Company has been awarded since the last wave of new capacity investments.”
He added, “We have begun to identify a number of investments in our pipeline for a second wave of petrochemical new capacity. While encouraged, we continue to believe that its pace and size will not be as strong as the 2013-2014 wave.”
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, nuclear 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 is also a leading nuclear code accredited fabrication and specialty machining company. Graham supplies components used inside reactor vessels and outside containment vessels of nuclear power facilities. 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.
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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.