Graham Corporation Announces Strategic Investment by Customer to Expand Production Capabilities in Batavia
BATAVIA, N.Y., August 07, 2023--(BUSINESS WIRE)--Graham Corporation (NYSE: GHM) ("GHM" or "the Company"), a global leader in the design and manufacture of mission critical fluid, power, heat transfer, and vacuum technologies for the defense, space, energy, and process industries, today announced that it has recently been awarded a $13.5 million strategic investment from one of its customers to expand and enhance GHM’s Batavia production capabilities for complex components. The investment enables Graham’s efforts to timely deliver components including a recently placed order totaling $8.5 million.
Daniel J. Thoren, President and CEO commented, "We believe the investment is a testament to the significant progress we have made engineering and manufacturing complex components while meeting the highest quality standards and demonstrating our commitment to delivering on schedule. We are recognized as a critical supplier to the U.S. Navy and believe the investments and advancements we have made over the past year are clearly acknowledged by our customer with this investment. We are excited to be a part of the team that is dedicated to meeting the U.S. Navy’s requirements for reducing design and manufacturing costs and improving ship capability."
The strategic investment creates opportunities to support future, multi-year orders with potential revenue expected to begin in 2026.
About Graham Corporation
GHM is a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy, and process industries. The Graham Manufacturing and Barber-Nichols’ global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenic pumps, and turbomachinery technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company’s products and systems.
Graham Corporation routinely posts news and other important information on its website, grahamcorp.com, where additional information on Graham Corporation and its businesses 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. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as "expects," "opportunities," "believes," "potential," 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, winning potential future or multi-year orders, increasing production efficiency, potential revenues and timing of such revenues, capacity, and delivering timely or otherwise on schedule 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 Report filed with the Securities and Exchange Commission, including under the heading entitled "Risk Factors," its quarterly reports on Form 10-Q, and other filings it makes with the Securities and Exchange Commission. 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.
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Contacts
Christopher J. Thome
Vice President - Finance and CFO
Phone: (585) 343-2216
Deborah K. Pawlowski
Kei Advisors LLC
Phone: (716) 843-3908
dpawlowski@keiadvisors.com
