EXHIBIT 99.4


                       [LETTERHEAD OF GRAHAM CORPORATION]




Friday July 28, 11:02 am Eastern Time

Company Press Release

Graham Corporation Adopts Stockholder
Rights Plan

BATAVIA, N.Y.-- (BUSINESS WIRE)--July 28, 2000--The Board of Directors of Graham
Corporation (GHM:ASE) at its regular meeting yesterday adopted a new stockholder
rights plan and declared a dividend of one preferred stock purchase right
("Right") for each outstanding share of common stock of the Corporation. The
Corporation's previous stockholder rights plan expired earlier this year. The
Rights are designed to assure that all of the stockholders of the Corporation
receive fair and equal treatment in the event of any proposed takeover of the
Corporation and to guard against partial tender offers, squeeze-outs and other
abusive tactics to gain control of the Corporation without paying all
stockholders a fair price. However, the Rights will not prevent any person or
group of persons from purchasing at least a majority stake in the Corporation
but should encourage such person or persons to negotiate in advance with the
Board of Directors of the Corporation, acting on behalf of all stockholders.

Each Right will entitle stockholders to buy a one-hundredth interest in a share
of a new series of preferred stock of the Corporation at an exercise price of
$45.00. Initially, the Rights will not be exercisable and will transfer with and
only with the shares of common stock. The Rights will be exercisable and
separately transferable twenty business days after a person or group of persons
acquires 15% or more of the common stock of the Corporation or any successor
corporation, based upon a formula set forth in the stockholder rights plan.

The Rights dividend distribution will be payable to shareholders of record of
the Corporation on September 10, 2000. The Rights will expire ten years later on
September 10, 2010. The distribution of the Rights is not taxable to
shareholders.

Graham designs and builds vacuum and heat transfer equipment for process
industries throughout the world and is a worldwide leader in vacuum technology.
The principal markets for Graham's equipment are the chemical, petrochemical,
petroleum refining and electric power generating industries, including
cogeneration and geothermal plants. Other markets served include shipbuilding,
metal refining, pulp and paper, water heating, refrigeration, desalinization,
food processing, drugs, heating, ventilating and air conditioning. Graham's
ejectors, liquid ring vacuum pumps, condensers, heat exchangers and other
products are used by its customers to produce synthetic fibers, chemicals,
petroleum products (including gasoline), electric power, processed food
(including canned, frozen and dairy products), pharmaceutical, products, paper,
steel, fertilizers and numerous other products used everyday by people
throughout the world.

This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. All forward-looking statements
are subject to certain risks, uncertainties and assumptions. These risks and
uncertainties, which are more fully described in Graham's Annual Quarterly
Reports filed with the Securities and Exchange Commission, include




changes in market conditions in the industries in which the Company operates.
Should one or more of these risks or uncertainties materialize, or should the
assumptions prove incorrect, actual results may vary in material aspects from
those currently anticipated.

CONTACT:

Graham Corporation
William A. Smith, Jr., 716/343-2216