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PMFG, Inc. (Parent Of Peerless Mfg. Co.) Awarded New SCR System Orders For Asia Valued At More Than $10 Million

Stocks in this article: PMFG

DALLAS, July 7, 2014 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq:PMFG) today announced that it has been awarded a new contract with a value of more than $10 million. This contract is with Peerless' Environmental Systems unit. The project is for multiple SCR systems to be installed as part of a new 2,600 MW natural gas fired combined cycle power plant in Taiwan. This project is scheduled to be completed by the fall of 2016.

Peter J. Burlage, PMFG's chief executive officer said, "Although the global shift to natural gas by large utility customers has been slower than the market anticipated, we believe the transition is gaining momentum and we are very well positioned to leverage this opportunity around the world. This new order is a great win for PMFG and we are proud to be part of a high efficiency, low emission power plant in the Asia Pacific region. We also believe it to be the first installations of an SCR system on the new, large scale 501J gas turbines. This order adds to the recent increased bookings trend out of Asia for environmental equipment, as it follows other combustion system orders made possible by our recent acquisition of CCA. Including this contract, we expect the net bookings for the fiscal year ending June 28, 2014 to increase over 50 percent over the prior year. We expect the region will remain a key growth avenue for the company as power demand grows and emissions standards tighten."

About PMFG

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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