Global Power Equipment Group Inc. Awarded Product Scope on Emirates Aluminum (EMAL) Project
IRVING, Texas, Jan. 17, 2012 (GLOBE NEWSWIRE) -- Global Power Equipment Group Inc. (Nasdaq:GLPW) ("Global Power") today announced that its Braden Manufacturing division has been awarded contracts to provide exhaust systems and other system components for the Emirates Aluminum (EMAL) project in the Middle East.
Under the contracts, Braden will provide diverters and exhaust systems to Samsung and fuel circulation components to other clients for a planned expansion of the existing power plant. Total scope for Braden is estimated at approximately $10 million with a majority of products expected to ship in the second half of 2012.
"This is an important project for Braden and we are excited to be involved," said Dean Glover, President of Global Power's Products division. "Our products will support the Phase 2 capacity expansion of the power plant at the Emirates Aluminum Smelter Complex, which is designed to be the world's largest aluminum smelter upon completion."
The EMAL Project is located on a 6 square kilometer site in the Khalifa Port and Industrial Zone in Al-Taweelah, approximately halfway between the cities of Abu Dhabi and Dubai.
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. Through its Services Division, the Company provides on-site specialty support and outage management services for commercial nuclear reactors in the United States and maintenance services to fossil and hydroelectric power plants and other industrial operations. Through its Products Division, the Company designs, engineers and manufactures a comprehensive portfolio of equipment for gas turbine power plants and power-related equipment for industrial operations, with over 40 years of power generation industry experience. With a strong competitive position in its product lines, the Company benefits from a large installed base of equipment in domestic and international markets. Additional information about Global Power Equipment Group Inc. may be found at 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, 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 22, 2011 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.
CONTACT: Jennifer Gordon ICR (918) 274-2280 firstname.lastname@example.orgSource: Global Power Equipment Group Inc.
Released January 17, 2012