Graham Corp awarded US$7.5 mln in orders primarily for U.S. petrochemical market

25-Sep-13

Graham Corporation, a global business that engineers, manufactures, and sells critical equipment for the oil refining, petrochemical and power industries, and also supplies components and raw materials for nuclear energy facilities, announced that it was recently awarded three surface condenser orders totaling US$7.5 mln. Two of the orders are for new U.S. production capacity of chemical/petrochemicals in the Gulf Coast region. Lower feedstock and energy costs stemming from shale gas development have driven investments in chemical and petrochemical capacity. The third order is to support expansion of an oil refinery in Saudi Arabia. The projects are expected to ship during the latter half of fiscal 2015, which ends March 31, 2015. "Over many decades, Graham has developed a solid reputation for delivering custom fabricated, high quality products and supporting end users from project inception to aftermarket support. We believe that our leadership position is demonstrated by our recent project wins for investments in new chemical and petrochemical capacity in North America as well as by continued demand for our equipment in the Middle East. We have won several projects during the past two quarters associated with the North American chemical industry renaissance and we believe that our bid pipeline presents us with further opportunities. While order releases by our key end markets appear to be gaining momentum, as is typical, we continue to expect ongoing variability in quarterly order levels," stated James R. Lines, Graham's President and Chief Executive Officer.