Graham Corporation Completes Divestiture of Commercial Nuclear Utility Business

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 completed the divestiture of its commercial nuclear utility business that it classified as held for sale as of March 31, 2019. The business was sold to a division of Avingtrans PLC, Hayward Tyler, a global leader in performance-critical pumps and motors for the energy sector.

James R. Lines, Graham’s President and Chief Executive Officer, noted, “We are pleased to have found a strategic buyer for our commercial nuclear utility business, Energy Steel. We expect that the transaction will be accretive to our margins and earnings. Having completed this divestiture, we are now better positioned to focus even more attention on growth opportunities presented by the refining, petrochemical and defense industries.”

During the year ended March 31, 2019, the commercial nuclear utility business realized approximately $8.3 million in revenue. The sale closed yesterday, June 24, 2019.

ABOUT GRAHAM CORPORATION

Graham is a global business that designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. Energy markets include oil refining, cogeneration, nuclear and alternative power. For the defense industry, the Company’s equipment is used in nuclear propulsion power systems for the U.S. Navy. Graham’s global brand is built upon world-renowned engineering expertise in vacuum and heat transfer technology, responsive and flexible service and unsurpassed quality. Graham designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. Graham is also a leading nuclear code accredited fabrication and specialty machining company. Graham supplies components used inside reactor vessels and outside containment vessels of nuclear power facilities. Graham’s equipment can also be found in other diverse applications such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. Graham’s reach spans the globe and its equipment is installed in facilities from North and South America to Europe, Asia, Africa and the Middle East.