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© 2019 Graham Corp. 1
Southwest IDEAS
Investor Conference
NYSE: GHM • November 20, 2019
Jeffrey F. Glajch
Vice President & Chief Financial Officer
© 2019 Graham Corp. 2
Safe Harbor StatementThis presentation 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,”
“estimates,” “confidence,” “projects,” “typically,” “outlook,” “anticipates,” “believes,” “appears,” “could,” “opportunities,”
“seeking,” “plans,” “aim,” “pursuit,” 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, expected expansion and growth opportunities within its domestic and international markets, anticipated
revenue, the timing of conversion of backlog to sales, market presence, profit margins, tax rates, foreign sales
operations, its ability to improve cost competitiveness, customer preferences, changes in market conditions in the
industries in which it operates, changes in commodities prices, the effect on its business of volatility in commodities
prices, changes in general economic conditions and customer behavior, forecasts regarding the timing and scope of
the economic growth in its markets, its acquisition and growth strategy and the expected performance of Energy
Steel & Supply Co. and its operations in China and other international locations, 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, included under the heading entitled “Risk Factors.” 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 slide presentation.
This presentation will discuss some non-GAAP financial measures, which Graham Corporation believes are useful in
evaluating its performance. You should not consider the presentation of this additional information in isolation or as a
substitute for results compared in accordance with GAAP. Graham Corporation has provided reconciliations of
comparable GAAP to non-GAAP measures in tables found in the Supplemental Information portion of this
presentation.
© 2019 Graham Corp. 3
Business & Strategic Overview
© 2019 Graham Corp. 4
Introduction to Graham Corporation
Key markets:
Note: Market data as of November 12, 2019 [Source: S&P Capital IQ]; ownership as of last filing date
Founded: 1936
IPO: 1968 NYSE: GHM
Market capitalization $225.9 million
Recent price $22.86
52-week range $17.70 – $26.54
Avg. daily trading volume (3 mos.) 28.9k
Common shares outstanding: 9.9 million
Annualized dividend/dividend yield $0.44 / 2.3%
Ownership:
Institutional 78.2%
Insider 3.4%
Fiscal year end March 31
Refining
~40%Chemical/
Petrochemical
~35%
Other/ Navy
~25%
Who we are: MicroCap industrial, principally serving energy, chemical & defense industries
What we provide: Custom-fabricated, engineered-to-order products and solutions
How we go to market: Combination of direct sales offices and manufacturers reps
- Batavia, US Gulf Coast, India and China direct offices
- 50+ independent manufacturer’s representative offices globally
Where we produce: Batavia, NY is principal operation and we partner with other fabricators
© 2019 Graham Corp. 5
Process-Critical Equipment
High Cost of Failure
Low Fault Tolerance Performance Specifications
Difficult or Impossible to Replace
Low Relative Cost
Customers Require Quality, Complex, Engineered-to-Order Equipment
© 2019 Graham Corp. 6
Leading market position and worldwide brand recognition
Global installed base provides > 30% of annual revenue
Investing to capture more predictable, less volatile revenue streams
Acquisition opportunities to moderate historical cyclicality
Strong and flexible balance sheet
Solid operating leverage and powerful cash generation
Investment Highlights
© 2019 Graham Corp. 7
Strategic Focus: Profitable Top Line Growth
Expand Predictable
Revenue Streams
Increase
Market Share
Add New
Revenue Steams
• Navy
• Installed Base
• Crude Oil Refining
• Chemical/Petrochemical
• OEM Development
• M&A
- Share of customer wallet
- Additional products
Strategic Outcomes
Strengthen long-term shareholder returns
More consistent financial results
Greater cash generation for future
− M&A
− Organic growth investment
− Future dividend increases
© 2019 Graham Corp. 8
Strategic Lever: Expand U.S. Navy Revenue and Improve Margin Quality
0
20
40
60
80
100
120
140
160
$ in
Mill
ion
s
Graham Revenue
Navy Other Markets
Displace Incumbents (Near-term strategy)
• Increase components provided
− CVN aircraft carrier program
− SSN Virginia submarine program
− SSBN Columbia submarine program
Offload Shipyards (Longer-term strategy)
• Complex new fabrications and components
− Newport News must push more work into supply chain
− Electric Boat must push more work into supply chain
Improve Margin Quality
• Increase work secured sole-source
• Productivity gains
− Greater predictability of what we will fabricate
− Entering repeated fabrications
⁻ Improved workflow
⁻ Production R&D behind
⁻ Jigs & fixtures built
− Workforce development and proficiency
Backlog Quality Improving –
GHM strengthening its competitive position
FY2016 & Prior
FY2019
FY2022 Goal
100% competitively bid
75% competitively bid
<50% competitively bid
© 2019 Graham Corp. 9
Strategic Lever: Installed Base Focus & Relationship Strengthening With End User
Within 12 to
24 Months
10-15%
* Excludes revenue and gross profit from U.S. Navy
~30% - 40% of GHM Revenue Derived from Installed Base
Ejectors
Crude Oil Refinery Ejector System
Surface Condenser
Petrochemical Surface Condenser
Commercial Revenue* by Type
FY2004-2011 FY2012-2019
28%41%
Commercial Gross Profit* by Type
FY2004-2011 FY2012-2019
New Equipment Revamp/Retrofit Parts
61%44%
Key Activities
• Hired strategy architect
• Structure Performance Improvement engineering team
• IT tools to proactively manage installed base
• Improve lead management process
• Reduce lead time
Condensers
© 2019 Graham Corp. 10
Strategic Lever: Change Position Where Market Share is Low
10%
LastDecade
Near-termPlan
Graham Annual Outsourced Hours
~30%-40%
(as % of direct labor)
Capture More Share Within• International crude oil refining
• International chemical/petrochemical
Actions
• Develop greater execution scale
− Fabrication capacity via global supply chain
− Shift certain engineering in fabrication
partner
• Isolate and moat critical IP and know-how
• Structure quality and supply chain oversight
organization
• Aggressively pursue versus opportunistically
take this work
OEM Development Within
Short-Cycle Segment• Hydrogen fuel
• Supercritical fluids
• Industrial gases
• Cryogenic
• Natural gas
• Other
Actions
• Hired strategy leader with sales manager
focused on this
• Strengthen opportunity generation and
management tools
• Continuous improvement to create
execution and quoting capacity
• Aggressiveness to secure this work
© 2019 Graham Corp. 11
Acquisition Strategy
Existing end markets or adjacencies; Navy & aftermarket
Strong management team with customer and quality focus
$20 million – $60 million in annual revenue
Cash return exceeds equity cost of capital
Strong pricing discipline
Improve revenue and earnings, reduce volatility
© 2019 Graham Corp. 12
Acquisition Focus
Extend our core competencies, reduce volatility
• Broaden participation in other programs
• Additional products
Energy/Chemical
Capital Equipment
Aftermarket
Defense
• Additional products
• Expand share
• Additional products
• Cost advantage
© 2019 Graham Corp. 13
Strategically Addressing Key Markets
Key End MarketsMarket Size
% of
GHM
Sales
GHM
Share
New
Capacity
Revamps/
Retrofits*
Spares/
Replacements*
Crude Oil Processing/
Refining
>$150 million annually
~40% ~ 25% Significant Significant Significant
Chemical/
Petrochemical
>$150 million annually
~35% ~15% Significant Moderate Significant
U.S. Navy
~$50 million annually
~20% >50% Significant Not meaningful Not meaningful
Other ~5% Significant Not meaningful Significant
* Revamps/retrofits and spares/replacements are derived from the installed base
Relative importance
~$1 billion installed base drives ongoing revenue opportunities
© 2019 Graham Corp. 14
Wide Range of Projects
Project Types% of GHM
SalesASP* ASP* Range Lead Time
Large Orders –
Commercial
~ 50% $800,000 $250k-$10 million 9-18 months
Large Orders –
U.S. Navy
~ 15% > > $
(large)
Up to $30 million up to 5 years
Short Cycle Orders –
Commercial
~ 35% <$10,000 $500-$250k 1 week - 6 months
* ASP: Average Selling Price
© 2019 Graham Corp. 15
Graham End Market Key Differentiators
Provide engineering and equipment scope analysis regarding
Capex, Opex, and best way to achieve user’s operating
objectives. Able to provide fast, accurate and detailed analysis.
Value provided to market before order is placed.
Consultative Selling Platform
Complex Project Management
Aptitude
Graham provides unique value before and throughout project life cycle
Custom Fabrication to
Tight Tolerances
Responsive Operating Model
Ability to efficiently and effectively stop and start, as needed,
throughout project life. Must have this capability.
Low volume / high mix operations model where engineering
change orders occur frequently while in fabrication.
Unique capability to custom fabricate large weldments, in special
metallurgy to exacting tolerances. Strong quality control with
objective quality evidence.
© 2019 Graham Corp. 16
$24.8 $17.7
$9.0 $11.1 $17.1
$40.5 $43.5
$22.0
$34.4
$23.2 $23.2$15.1
$32.6
$0
$20
$40
$60
$80
$100
$120
$140
$160
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Fiscal 2018Fiscal 2017
(in millions)
Volatile Order ActivityDriven by demand and order size
• TTM trend impacted by
– Timing of large traditional refining
and chemical/petrochemical orders
– U.S. Navy orders
Quarterly
Net Orders
Quarterly and TTM Net Orders
Trailing Twelve Month
Consolidated Net Orders
Fiscal 2019
Trailing Twelve Month
Net Orders Excluding
U.S. Navy & Nuclear
Core orders
up ~100%
from floor
Fiscal
2020
© 2019 Graham Corp. 17
Adjusted EBITDA margin
Growth & Pricing Power Drive Margin Expansion
(1) See supplemental slide for Adjusted EBIDTA reconciliation and other important disclaimers regarding Graham’s use of adjusted EBIDTA
(2) Reflects the midpoint of revenue guidance provided as of October 30, 2019, excluding the commercial nuclear utility business divested June 24, 2019
(1)
(Revenue in millions)
$77.5
$91.8
FY 2018 FY 2019 Mid-cycle
5%
Upper
teens
(1)
(1)
8%(1)
Expanding market participation and share
Improving productivity and operational throughput
Improving end market fundamentals and pricing
FY 2020
$102.5(2)
© 2019 Graham Corp. 18
Navy 48%
Chemical/Petrochemical
16%
Refining 32%
Power & Other 4%
($ in millions)
Backlog by IndustrySeptember 30, 2019
Projected Backlog ConversionSeptember 30, 2019
Within next
12 months
55-60%
Beyond
24 Months
25-35%
Backlog Level Supports Growth Outlook
Backlog increase at 9/30/19 driven by
refining market – triple level vs two years ago
Commercial backlog reflects highest level in
about five years
High percentage of U.S. Navy projects in
backlog provides stability and growth
Mix highlights importance of diversification strategy
Within 12 to
24 Months
10-15%
3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019
Backlog
Energy Steel, divested 6/24/2019Ongoing Graham businessBacklog expected to convert within 12 months
$117.9
$113.3 $108.5$124.1$127.3$120.9
$127.8$117.2
$132.1$133.7$127.8
$114.9
© 2019 Graham Corp. 19
Financial Overview
© 2019 Graham Corp. 20
$90.0 $91.8
$77.5
$91.8$100-$105(3)
12%10%
5%
8%
0%
5%
10%
15%
20%
25%
30%
35%
40%
$0
$30
$60
$90
$120
$150
FY16 FY17 FY18 FY19 FY20E
Revenue Adj. EBITDA Margin
EPS
(1) See supplemental slide for adjusted EBITDA reconciliation and other important disclaimers regarding Graham’s use of adjusted EBITDA
(2) FY17, FY18 and FY19 EPS have been adjusted to exclude unusual items. Please see supplemental slides for a reconciliation of GAAP EPS to adjusted EPS.
(3) Based on guidance provided as of October 30, 2019, excluding the commercial nuclear utility business divested June 24, 2019
Invested for Backlog Execution & Market Recovery
(Revenue in millions)
(1)
$0.61 $0.56(2) $0.18(2) $0.51(2)
© 2019 Graham Corp. 21
FY18 FY19 FY20E
$2.1
Capital Expenditures
2.1% 2.3%
7.2%
FY18 FY19 9/30/2019
Working Capital Utilization(1)
Strong Balance Sheet
Cash, Cash Equivalents and Investments
($ in millions)
$8.5 $7.9
$0.9
FY18 FY19 Q2 FY20 TTM
Operating Cash Flow
$2.5-$2.8(2)
$73.5$76.5
$73.8
3/31/2017 3/31/2018 9/30/2019
$2.1
(1) Defined as current assets (excluding cash and cash equivalents and investments) less current liabilities divided by annual or TTM revenue, adjusted
to remove Energy Steel sales
(2) Based on guidance provided as of October 30, 2019, excluding commercial nuclear utility business divested June 24, 2019
© 2019 Graham Corp. 22
Strong Cash Generation
($ in millions)
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
March 2005 Cash& Investments,
Net
NetIncome
D&A, IntangiblesImpairment
Working CapitalChange
CapitalInvestments
Financing/Other Treasury StockRepurchases
Dividends September 2019Cash &
Investments,Net
0.8
108.2
47.7 (7.4)(30.1)
(6.3)(13.8)
(25.2)
73.8
Uses of CashSources of Cash
March 2005 to September 2019
>100% of Net Income
converted to cash or
returned to shareholders
© 2019 Graham Corp. 23
Graham Capital Allocation Priorities
Dividend Payments
Organic Growth Acquisition Strategy
Maintain a strong, prudently managed balance sheet
• Invest in current operations to
drive organic growth
• Continue consistent dividend
payments and increases
• Seek opportunistic acquisitions
with cash return that exceeds
equity cost of capital
• Opportunistically return value to
shareholders through stock
repurchases
Cash from
Operations
Cash from
Balance Sheet
© 2019 Graham Corp. 24
Shareholder Focus
• Paid $3.8 million of
dividends in FY2019
• Sustainable dividends
reflect stability of
operating cash flows
across business cycle
36%
63%78%
3/31/2007 3/31/2010 6/30/2019
Institutional Ownership
$0.08 $0.12
$0.16
$0.32 $0.36
$0.40 $0.44
Prior 2/11/2013* 2/25/2014* 1/29/2015* 1/28/2016* 8/2/2018* 8/7/2019*
Annualized Dividends Per Share
* Reflects date of dividend increase
Sell-side analyst coverage
• Sidoti
• Maxim
• Litchfield Hills
© 2019 Graham Corp. 25
• Revenue $100 million – $105 million,
20% - 26% growth excluding
divested commercial nuclear utility
business
• Gross margin 24% – 26%
• SG&A $17 million – $18 million
• Effective tax rate ~20%
(1) FY2020 guidance updated as of October 30, 2019, excludes commercial nuclear utility business (divested June 24,2019)
FY2020 Guidance(1)
© 2019 Graham Corp. 26
Leading market position and worldwide brand recognition
Global installed base provides > 30% of annual revenue
Investing to capture more predictable, less volatile revenue streams
Acquisition opportunities to moderate historical cyclicality
Strong and flexible balance sheet
Solid operating leverage and powerful cash generation
Graham Highlights
© 2019 Graham Corp. 27
Southwest IDEAS
Investor Conference
NYSE: GHM • November 20, 2019
© 2019 Graham Corp. 28
Supplemental
Information
NYSE: GHM • November 20, 2019
© 2019 Graham Corp. 29
Global Oil Refining Industry
• Total expected market demand ~$150 million
annually
– Market share: ~25%
• Tactics for growth
– Plant focused to identify project opportunities
– Localization with global partners
• Market demand drivers
– New capacity, especially in emerging markets
– Revamp/upgrades, debottlenecking, feedstock
changes in installed base
– Statutory regulations; ULSD, clean gasoline, etc.
– Replacement equipment in mature markets
Leading Supplier of Vacuum Systems and Surface Condensers
Refining
36%
Chemical/
Petrochem
34%
Power*
8%
Navy/Other
22%
Key Metric: 1mmbbl/day of new capacity $45mm to $60mm of opportunity
Percents based on
Q2 FY20 TTM sales of
$83.1 million
*Power includes commercial nuclear business divested June 24,2019
© 2019 Graham Corp. 30
Refining
36%
Chemical/
Petrochem
34%
Power*
8%
Chemical/Petrochemical IndustryNatural Gas Growth Trend
• Total expected market demand ~$150 million
annually
– Market share: ~15%
• Tactics for growth
– Capitalize on customer relationships
and strong brand
– Early engagement on projects
– Expand partnerships in Asia
• Market demand drivers
– New capacity
– Revamp and debottleneck
– Replacement equipment
– Monetization of domestic natural gas resources
Key Metric: 1mmTPY of new capacity $5mm to $8mm of opportunity
Navy/Other
22%
Percents based on
Q2 FY20 TTM sales of
$83.1 million
*Power includes commercial nuclear business divested June 24,2019
© 2019 Graham Corp. 31
• Aircraft carrier program ~$35 million to ~$40 million per carrier
• Submarine program
– ~$15 million to ~$20 million per Virginia Class; 45 subs, building one to two subs per year
– ~$20 million to ~$25 million per Ohio Replacement Class; 11 to 13 subs planned with construction scheduled to begin in 2021, building one every ~18 months
• Tactics for growth
– Expanding Graham offerings
– Capital investments
• Market demand drivers
– Virginia Class sub program
– Ohio Replacement Class sub program
– Carrier fleet
– Replacement equipment
Refining
36%
Chemical/
Petrochem
34%
Power*
8%
Navy/Other
22%
Naval Nuclear Propulsion ProgramBecome Lead Supplier of Surface Condensers and Ejectors for U.S. Navy
Percents based on
Q2 FY20 TTM sales of
$83.1 million
*Power includes commercial nuclear business divested June 24,2019
© 2019 Graham Corp. 32
Geographic Revenue Breadth
United
States
73%
Asia
12%
Middle East
4%
Other
11%
Q2 FY20 TTM Sales
$83.1 million*
Q2 FY20 TTM Orders
$92.5 million**
United
States
48%
Asia
26%
Middle East
2%
Other
24%
* Includes $4.9 million for commercial nuclear
utility business divested June 24,2019
** Includes $7.7 million for commercial nuclear
utility business divested June 24,2019
© 2019 Graham Corp. 33
Graham’s Channel Management Structure
Batavia, NY
HQ & Operations
Houston, TX
Sales Office
Suzhou, China
Sales Office
North America
30*
Gulf Coast LA
Perf Improvement Ctr
Latin America
7*
* Number of independent sales representatives in region
EMEA
15*Asia
4*
** Commercial nuclear utility business, held for sale
Ahmedabad, India
Sales Office
© 2019 Graham Corp. 34
Year 1 Year 2 Year 3 Year 4 Year 5
Value Enhancing Sales Cycle
Year 1 Year 2
Graham Competitive Advantage:
Early Involvement
Graham establishes competitive advantage during first 24 months…
Understanding pipeline, developing design options, identifying
decision makers, understanding timing, creating strong relationships to…
Gain advantage, optimize margin and win business
Concept FEED* EPC Bid Purchase Construction
* Front End Engineering Design
Cradle to grave support
© 2019 Graham Corp. 35
Executive Compensation
• Base Salary
– Reviewed annually by our compensation committee and determined based
on company performance, individual performance, job responsibilities, and
internal pay equity
– Provides compensation that is not “at-risk” to compensate executive officers
• Annual Incentive Cash Compensation
– Based on achievement of threshold, target and maximum levels of net income
and order level targets as well as personal goals
• Long Term Equity Incentive Compensation
– Performance-Vested Restricted Stock
• Relative Total Shareholder Return (“TSR”) measure
• Relative profitability measure [EBITDA vs. BICC (Baird Industrial Index)]
– Time-Vested Restricted Stock
• Designed to retain executives and align their interests with those of our shareholders
Shareholder Alignment
© 2019 Graham Corp. 36
Sales Reconciliation(in thousands)
FY 2017 FY 2018 FY 2019 Q2 FY20 TTM
Total commercial sales $ 76,240 $ 62,728 $ 83,859 $ 73,935
U.S. Navy sales 15,529 14,806 7,972 9,140
Consolidated sales as reported 91,769 77,534 91,831 83,075
- Commercial nuclear utility sales (13,921) (9,476) (8,336) (4,871)
Consolidated sales as adjusted* $ 77,848 $ 68,058 $ 83,495 $ 78,204
* Reflects sales of ongoing business, excluding commercial nuclear utility business divested June 24, 2019
© 2019 Graham Corp. 37
Adjusted EBITDA Reconciliation – Annual(in thousands)
Non-GAAP Financial Measure:
Adjusted EBITDA is defined as GAAP net income (loss) before net interest income, income taxes, depreciation and amortization, a
nonrecurring restructuring charge, goodwill and other impairments, and a charge associated with the revaluation of the commercial nuclear
utility business. Adjusted EBITDA margin is adjusted EBITDA divided by sales. Adjusted EBITDA and adjusted EBITDA margin are not
measures determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP.
Nevertheless, Graham believes that providing non-GAAP information such as adjusted EBITDA and adjusted EBITDA margin are
important for investors and other readers of Graham's financial statements, as they are used as analytical indicators by Graham's
management to better understand operating performance. Graham’s credit facility also contains ratios based on EBITDA. Because
adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures and are thus susceptible to varying calculations, adjusted
EBITDA and adjusted EBITDA margin, as presented, may not be directly comparable to other similarly titled measures used by other
companies.
FY 2016 FY 2017 FY 2018 FY 2019
Net income (loss) $ 6,131 $ 5,023 $ (9,844) $ (308)
+ Net interest income (251) (376) (594) (1,450)
+ Income taxes 2,599 2,026 (3,010) 163
+ Depreciation & amortization 2,435 2,326 2,222 2,205
+ Restructuring charge - 630 316 -
+ Goodwill and other impairments - - 14,816 6,449
+ Bad debt charge on commercial
nuclear utility business - - 280 -
Adjusted EBITDA $ 10,914 $ 9,629 $ 4,186 $ 7,059
Adjusted EBITDA margin % 12% 10% 5% 8%
© 2019 Graham Corp. 38
Adjusted EPS Reconciliation – Annual(in millions, except per share data)
Non-GAAP Financial Measure:
Adjusted EPS is defined as GAAP EPS adjusted for a nonrecurring restructuring charge, goodwill and other impairments, a charge
associated with the revaluation of the commercial nuclear utility business, the tax effect of the above and the impact of the new tax law in
fiscal 2018. Adjusted EPS is not a measure determined in accordance with generally accepted accounting principles in the United States,
commonly known as GAAP. Nevertheless, Graham believes that providing non-GAAP information such as adjusted EPS is important for
investors and other readers of Graham's financial statements, as it is used as an analytical indicator by Graham's management to better
understand operating performance. Because adjusted EPS is a non-GAAP measure and is thus susceptible to varying calculations,
adjusted EPS, as presented, may not be directly comparable to other similarly titled measures used by other companies.
FY 2016 FY 2017 FY 2018 FY 2019
GAAP diluted earnings per share $ 0.61 $ 0.52 $ (1.01) $ (0.03)
+ Restructuring charge - 0.06 0.03 -
+ Goodwill and other impairments - - 1.52 0.66
+ Bad debt charge on commercial nuclear
utility business- - 0.03 -
- Tax effect of above - (0.02) (0.31) (0.12)
- Impact of new tax law - - (0.08) -
Adjusted diluted earnings per share $ 0.61 $ 0.56 $ 0.18 $ 0.51
© 2019 Graham Corp. 39
North American Competition
Market Competitors
Refining vacuum distillation Croll Reynolds Company, Inc.; Gardner
Denver, Inc.; GEA Wiegand GmbH
Chemicals/Petrochemicals Croll Reynolds Company, Inc.; Gardner
Denver, Inc.; Schutte Koerting
Turbomachinery OEM – refining, petrochemical Donghwa Entec Co., Ltd..; KEMCO;
Oeltechnik GmbH
Turbomachinery OEM – power and power
producer
Holtec; KEMCO; Maarky Thermal Systems;
Thermal Engineering International (USA), Inc.
Naval Nuclear Propulsion Program/Defense DC Fabricators; Joseph Oat; PCC; Triumph
Aerospace; Xylem
© 2019 Graham Corp. 40
Market Competitors
Refining vacuum distillation Edwards, Ltd.; Gardner Denver, Inc.; GEA
Wiegand GmbH; Korting Hannover AG
Chemicals/Petrochemicals Croll Reynolds Company, Inc.; Edwards, Ltd.;
Gardner Denver, Inc.; GEA Wiegand GmbH;
Korting Hannover AG; Schutte Koerting
Turbomachinery OEM – refining,
petrochemical
Chem Process Systems; Donghwa Entec Co.,
Ltd.; Hangzhou Turbine Equipment Co., Ltd.;
KEMCO; Mazda (India); Oeltechnik GmbH
Turbomachinery OEM – power and power
producer
Chem Process Systems; Holtec; KEMCO;
Mazda (India); SPX Heat Transfer; Thermal
Engineering International
International Competition
© 2019 Graham Corp. 41
Supports a steam turbine and enables the conversion of maximum energy in high pressure steam into power.
Products: Surface Condenser
Vital Processing Components
An ejector system lowers the pressure in the distillation column to allow crude oil to boil at a lower temperature. This allows for more efficient and cost-effective separation of crude oil into valuable products, such as diesel, gas oils,kerosene, and other fuels.
A condenser supports a steam turbine and enables the conversion of maximum energy in high pressure steam into power.
REFINERY EJECTOR SYSTEM
CNOOC HUIZHOU REFINERY–CHINA
240,000 BBL/DAY REFINERY
42