PMFG, Inc. (Parent of Peerless Mfg. Co.) Awarded Three New Environmental Systems Orders With a Combined Value of Approximately $7.5 Million
DALLAS, Feb. 4, 2013 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq:PMFG) today announced that it has been awarded contracts with a combined value of approximately $7.5 million for Selective Catalytic Reduction ("SCR") systems for three natural gas-fired power plants located in the United States.
The first order is for the design and supply of three SCR systems to be installed at a new 1300-megawatt domestic, combined-cycle power-generation plant being built in the central Atlantic region of the United States. SCR systems are utilized to reduce Nitrogen Oxide ("NOx") emissions from the exhaust of the combustion turbine. The equipment is scheduled to be delivered in the spring of 2014, with catalyst delivery in mid-year 2015.
The second and third orders are aftermarket sales of SCR equipment, including new catalysts at a combined-cycle power plant in Texas and a simple-cycle catalyst in Southern California. Both of these aftermarket projects are scheduled to be delivered mid-summer of 2013.
Peter J. Burlage, PMFG's chief executive officer, said, "These project wins for our Environmental Systems business support our view that new build activity in the domestic power-generation market will likely be the primary source of power generation plants for many years to come. The aftermarket opportunities will be more frequent in the coming years as natural gas-fired power plants operate units at full capacity or are repowering existing facilities to take advantage of the low-cost fuel source. These project awards represent a significant addition to our Environmental Systems backlog, and we look forward to their successful completion and timely delivery to our customers."
PMFG is a leading provider of custom-engineered systems and products designed to help ensure that the delivery of energy is safe, efficient and clean. PMFG primarily serves the markets for power generation, natural gas infrastructure and petrochemical processing. Headquartered in Dallas, Texas, PMFG markets its systems and products worldwide.
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CONTACT: Mr. Peter J. Burlage, Chief Executive Officer Mr. Ronald L. McCrummen, Chief Financial Officer PMFG, Inc. 14651 North Dallas Parkway, Suite 500 Dallas, Texas 75254 Phone: (214) 357-6181 Fax: (214) 351-4172 www.peerlessmfg.com or Kevin McGrath Managing Partner Cameron Associates (212) 245-4577 Kevin@cameronassoc.com