BATAVIA, N.Y.--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 new orders totaling approximately $6.4 million, both for refining industry installations in the U.S. Gulf Coast.
One of the orders involves replacing another supplier’s equipment that was at the end of its operating life. Graham won the order by offering improved designs which will reduce equipment size, lower the installation cost and improve operating performance. Equipment delivery is scheduled for the third quarter of fiscal 2019.
The other order resulted from a customer performance improvement initiative to increase recovery of higher valued products during the refining process. This order comprises a revamp of Graham’s original system supplied in the mid-1970s. Equipment delivery is scheduled for the first quarter of fiscal 2019.
James R. Lines, Graham’s President and Chief Executive Officer, commented, “We have been focused on the installed base in the North America refining market. We expect that capital spending evidencing a recovery will occur in this market first, and will involve both refinery performance improvement projects and replacement equipment. Performance improvement projects can have opportunity value for our equipment comparable with new capacity investment.”
He continued, “We have followed both of these projects for some time, working closely with each refiner’s process engineering group. We believe that our consultative selling model continues to create value for the refining market as well as for Graham.”
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.
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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.