Graham Corporation Awarded $2.1 Million to Expand Welder Workforce to Support U.S. Navy’s Submarine Industrial Base Program
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, announced today that it has been awarded $2.1 million for the expansion of its welder training programs and related equipment. The contract was awarded by BlueForge Alliance, a nonprofit, neutral integrator that supports the U.S. Navy’s Submarine Industrial Base initiatives.
Daniel J. Thoren, President and CEO of GHM, commented, “These are exciting times for our Company as we build out our capabilities and capacity to support America’s defense industry as a part of the U.S. Navy’s Submarine Industrial Base. These funds will help us develop and grow our welder workforce and provide additional equipment needed to improve the efficiency of our production processes. We are proud to be a strategic supplier for the U.S. Navy’s Submarine Industrial Base.”
The funds will be used to increase the Company’s production capacity at its Batavia operation which includes expanding its welding training program and increasing its skilled labor workforce by more than 20 percent. The Company expects to accomplish the workforce expansion by early 2025 to support the U.S. Navy’s submarine construction cadence plans.
About Graham Corporation
Graham 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. Graham Corporation and its family of 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.
About BlueForge Alliance
BlueForge Alliance is a nonprofit, neutral integrator that supports the U.S. Navy’s Submarine Industrial Base initiatives and efforts to strengthen and sustain the maritime manufacturing sector. BFA is a critical partner in the SIB’s mission to ensure industry has the capability, capacity, and resilience to build and maintain America’s next generation of undersea platforms. The organization’s team of experts in a variety of disciplines focus on addressing critical workforce, technology, and supplier development needs. BFA is headquartered in Bryan/College Station, Texas. For more information, visit www.BlueForgeAlliance.us.
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,” “potential,” “will,” 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.
Contacts
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
