UPDATE: Global Power Equipment Group Awarded $20M of Orders
Global Power Equipment Group Inc. (Nasdaq: GLPW) ("Global Power") announced today that it was awarded approximately $20 million of orders for two projects to be completed in 2014.
The first project required the integration of the Company's historic industrial services business and the specialty fabrication and welding expertise gained with its April 2013 acquisition of Hetsco. The project has two phases. The first phase is the preparation and installation of several skid support pads along a transportation pipeline running from the Canadian tar sands into Indiana. The second phase of the project, on the same pipeline system, is for the modification of a pumping station. This requires specific welding capabilities for the extraction of existing equipment and installation of piping and valves. Also included in the scope of work are required site grading and restoration activities.
The second project is to replace the condenser tubes in the two main condensers at Entergy's James A. Fitzpatrick Nuclear Power Station located near Oswego, NY. It involves the removal and reinstallation of brass and titanium tubes and will be performed during the upcoming 2014 outage. The project will address condenser reliability and long-term equipment condition.
Luis Manuel Ramírez, President and Chief Executive Officer of Global Power, commented, "The pipeline project reflects the success of our newly realigned, solutions-oriented organization. We won it through our proactive and collaborative commercial strategy. This is an important oil and gas project for our historic industrial services business and proof of the headway we are making with our strategy to participate in North America's natural gas infrastructure development."
He added, "The second project represents a major milestone for our Nuclear Services business. The project expands our geographic reach and further diversifies our customer base."
About Global Power
Texas-based Global Power Equipment Group Inc. is a design, engineering and manufacturing firm providing a broad array of equipment and services to the global power infrastructure, energy and process industries. It is comprised of three segments. Product Solutions includes two primary product categories: Auxiliary Products designs, engineers and manufactures a comprehensive portfolio of equipment for utility-scale natural gas turbines while Electrical Solutions provides custom configured electrical houses and generator enclosures for the midstream oil & gas industry, the power generation market to include distributed and backup power as well as other industrial and commercial operations. Energy Services provides lifecycle maintenance, repair, construction and fabrication services for the industrial, chemical/petrochemical process, oil and gas and power generation industries. Nuclear Services provides on-site specialty support, outage management and maintenance services to domestic utilities' nuclear power facilities. The Company routinely provides information at its website: www.globalpower.com.
Forward-looking Statement Disclaimer
This press release contains "forward-looking statements" within the meaning of that term set forth in the Private Securities Litigation Reform Act of 1995. These statements reflect our current views of future events and financial performance and are subject to a number of risks and uncertainties. Our actual results, performance or achievements may differ materially from those expressed or implied in the forward-looking statements. Risks and uncertainties that could cause or contribute to such material differences include, but are not limited to, decreased demand for new gas turbine power plants, reduced demand for, or increased regulation of, nuclear power, loss of any of our major customers, cost increases and project cost overruns, unforeseen schedule delays, poor performance by our subcontractors, cancellation of projects, competition for the sale of our products and services, shortages in, or increases in prices for, energy and materials such as steel that we use to manufacture our products, damage to our reputation, warranty or product liability claims, increased exposure to environmental or other liabilities, failure to comply with various laws and regulations, failure to attract and retain highly-qualified personnel, loss of customer relationships with critical personnel, effective integration of acquisitions, modification of preliminary 2014 outlook, volatility of our stock price, deterioration or uncertainty of credit markets, and changes in the economic, social and political conditions in the United States and other countries in which we operate, including fluctuations in foreign currency exchange rates, the banking environment or monetary policy. Other important factors that may cause actual results to differ materially from those expressed in the forward-looking statements are discussed in our filings with the Securities and Exchange Commission, including the section of our Annual Report on Form 10-K filed with the SEC on March 17, 2014 titled "Risk Factors." Except as may be required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, and we caution you not to rely upon them unduly.
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