Graham Corporation Ships Final First Article Units for U.S. Columbia Class Submarines and Ford Class Carrier Programs
October 03 2023 - 4:15PM
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 shipped the last of the first article units related to the
Columbia Class submarine and Ford Class carrier programs. While the
Company expects to continue to have first article programs in its
backlog as it wins new programs and applications, the amount as a
percentage of total backlog should be reduced moving forward.
Daniel J. Thoren, President and CEO commented, “Completing the
first article U.S. Navy projects and delivering the final units
this month on schedule was a great testament to the team we built
at our Batavia facility. Without their dedication and commitment to
our customers, we would not have been able to achieve this
milestone. I would like to thank each and every one of them for
their hard work. We built this team by committing to training
welders in house, partnering with academic resources, and improving
our operating processes in support of our strategic U.S. Navy
programs. These investments in our people and operations have paid
off given our recently announced strategic investment from a major
defense customer to expand our capacity for future projects and we
believe demonstrates our customers confidence in GHM as being a
critical supplier to the U.S. Naval Nuclear Propulsion
Program.”
During fiscal 2022, the Company chose to make significant
investments to ensure it could deliver these and previous units on
schedule and were the main source of the losses incurred that
year.
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,”
“anticipates,” “could,” “should,” ”may”, “will,” “plan” 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,
its first article programs, backlog and backlog composition, its
ability to secure new projects and the profitability of future
projects and the business, its ability to deliver to plan, its
ability to meet customers’ shipment and delivery expectations, its
ability to continue to strengthen relationships with customers in
the defense industry, 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 (the “SEC”), included under the heading entitled “Risk
Factors”, and in other reports filed with the SEC.
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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version on businesswire.com: https://www.businesswire.com/news/home/20231003708622/en/
For more information: 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
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