Graham Corporation Awarded Follow-On $23 Million Order to Provide Engineered Products for MK48 Mod 7 Heavyweight Torpedo
BATAVIA, N.Y.--(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 been awarded a follow-on order to support the MK48 Mod 7 Heavyweight Torpedo program valued at approximately $23 million.
Daniel J. Thoren, President and CEO, commented, “We believe the combination of our engineering know-how, highly skilled workforce, and precision machining and manufacturing expertise enabled us to win this follow-on contract award. We have made significant investments to provide the high quality and reliability required to supply these critical components for the U.S. Navy and other foreign militaries. Additionally, we are further investing to expand our capacity to address growing demand and ensure timely delivery of our products.”
Graham designs and manufactures the alternators and regulators for the MK48 Mod 7 Heavyweight Torpedo. The Company expects to deliver on the firm fixed price contract through 2026. The order will be reflected in the Company’s fourth quarter fiscal 2023 backlog.
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, www.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,” “anticipates,” “believes,” “will,” “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, potential revenues and timing of such revenues, capacity, demand growth, 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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Christopher J. Thome
Vice President - Finance and CFO
Phone: (585) 343-2216
Deborah K. Pawlowski/Laura Kiernan
Kei Advisors LLC
Phone: (716) 843-3908/ (914) 598-7733
Source: Graham Corporation
Released April 6, 2023