Graham is a global business that designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries
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.
Source: Company Press Release