DALLAS, Jan. 22, 2015 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq:PMFG) today announced that it has been awarded a $3.0 million contract for equipment to be installed as part of the replacement and upgrade of a moisture separator reheater (MSR) for a nuclear power plant in Europe. The equipment is scheduled to be delivered in the fourth quarter of fiscal year 2016. Revenue recognition will be distributed across five quarters starting in the fourth quarter of fiscal year 2015.
Peter Burlage, Peerless' President and Chief Executive Officer, commented, "This award is an example of the diverse equipment opportunities we have in the nuclear market. As we have mentioned in prior updates, the nuclear market is a steadfast and robust market with demand being driven by relicensing and upgrade work in addition to the opportunities related to new construction. As nuclear power plants are relicensed for continued operation, the investment into capital equipment improvements such as efficiency gains through an improved MSR or enhanced moisture separators, are economically feasible investments in these facilities. We have spent numerous months securing this contract and I am proud of the hard work by our global sales team. We believe we have one of the best separation technology products available to the nuclear power market and are working hard to identify and develop new opportunities."
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.
Safe Harbor Under The Private Securities Litigation Reform Act of 1995
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