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A receiver has been appointed to administer Graham Corp's discontinued operations in the UK.
The discontinued operations, which include Graham Vacuum and Heat Transfer Ltd (GVHT) and GVHT's wholly-owned operating subsidiary Graham Precision Pumps Ltd (GPPL), are based in Congleton, Cheshire. The UK operations had sales of approximately US$5.6 million for the first nine months of fiscal year 2005, which ended on 31 March 2005, while they generated a net loss of US$329 000 for the same period.
The Graham board of directors had earlier approved the discontinuance of its UK operations and the sale of the UK companies and had proposed to appoint an appropriately qualified UK administrator for GVHT and GPPL as a step towards proceeding with the sale of the companies. National Westminster Bank, as the primary creditor of the UK operations, exercised its right to place the businesses in receivership, which Graham anticipates will result in the liquidation of the operations.
Graham expects to incur a non-cash charge of approximately US$4.5 million -US$5.25 million in the current fiscal quarter, which ended 31 March 2005.
Bill Johnson, Graham Corp president and CEO, said that strategically, they had recognized the need to streamline their operations and improve their cost competitiveness in order to grow the company. "We concluded that discontinuing our non-profitable UK business will strengthen Graham's operating performance, focus our resources and allow for
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