STATESVILLE, N.C., Dec. 16, 2021 /PRNewswire/ -- PRNewswire /
Kewaunee Scientific Corporation (NASDAQ: KEQU), a recognized global
leader in the design, manufacture, and installation of laboratory,
healthcare, and technical furniture products, today announces that
the Company's Indian subsidiary has been awarded a significant
turnkey contract from Laurus Synthesis
(http://laurussynthesis.com), a subsidiary of Laurus
Labs.
Laurus Synthesis is a leading Contract Development &
Manufacturing Organization (CDMO) with a solid track record in
supporting drug development and manufacturing programs of global
pharmaceutical and biotech companies. Laurus's state of the art
facilities and experienced scientific teams have been supporting
customers for over 15 years in meeting the challenges in drug
development programs from early phase development to commercial
manufacturing.
As mentioned in Kewaunee's second quarter earnings release, the
Company's order backlog grew to $139.7
million on October 31,
2021. This is the highest order backlog in the Company's
history, increasing from $96.0
million on October 31, 2020,
and $114.5 million on April 30, 2021. The Laurus Synthesis
project will be delivered over the next eighteen months and will be
reflected in the Company's International segment.
"We are delighted to be selected as Laurus Synthesis' laboratory
construction partner for its greenfield laboratory
project. This is a significant step in Kewaunee India's
business growth story and a demonstration of how our diverse and
deep project delivery capabilities combined with our strategic
customer-focus make Kewaunee the partner of choice in laboratory
construction," said Mr. B. Sathya
Murthy, Managing Director & Vice President –
International Operations, Kewaunee Scientific Corporation.
"Our continued investment to expand our international team's
capabilities over the past three years has further cemented
Kewaunee's leadership position in the markets we serve," said
Thomas D. Hull III, President and
Chief Executive Officer of Kewaunee Scientific Corporation. "The
evidence is found in customers such as Laurus Synthesis placing
significant trust in Kewaunee's India team to deliver laboratory facilities
that will enable their future growth and discovery.
Kewaunee's team in India continues
to execute our strategy to become the global supplier of choice
with customers in the laboratory furniture and infrastructure
markets."
About Kewaunee Scientific
Founded in 1906, Kewaunee Scientific Corporation is a recognized
global leader in the design, manufacture, and installation of
laboratory, healthcare, and technical furniture products. The
Company's products include steel, wood, and laminate casework, fume
hoods, adaptable modular systems, moveable workstations,
stand-alone benches, biological safety cabinets, and epoxy resin
work surfaces and sinks.
The Company's corporate headquarters are located in Statesville, North Carolina. Direct sales
offices are located in the United
States, India, Saudi Arabia, and Singapore. Three manufacturing facilities are
located in Statesville serving the
domestic and international markets, and one manufacturing facility
is located in Bangalore, India
serving the local and Asian markets. Kewaunee Scientific's website
is located at https://www.kewaunee.com.
This press release contains statements that the Company
believes to be "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. All
statements other than statements of historical fact included in
this press release, including statements regarding the Company's
future financial condition, results of operations, business
operations and business prospects, are forward-looking statements.
Words such as "anticipate," "estimate," "expect," "project,"
"intend," "plan," "predict," "believe" and similar words,
expressions and variations of these words and expressions are
intended to identify forward- looking statements. Such
forward-looking statements are subject to known and unknown risks,
uncertainties, assumptions, and other important factors that could
significantly impact results or achievements expressed or implied
by such forward-looking statements. Such factors, risks,
uncertainties and assumptions include, but are not limited to:
competitive and general economic conditions and the ongoing impact
of the COVID-19 pandemic, including disruptions from government
mandates, both domestically and internationally; changes in
customer demands; technological changes in our operations or in our
industry; dependence on customers' required delivery schedules;
risks related to fluctuations in the Company's operating results
from quarter to quarter; risks related to international operations,
including foreign currency fluctuations; changes in the legal and
regulatory environment; changes in raw materials and commodity
costs; and acts of terrorism, war, governmental action, natural
disasters and other Force Majeure events. The cautionary statements
made pursuant to the Reform Act herein and elsewhere by us should
not be construed as exhaustive. We cannot always predict what
factors would cause actual results to differ materially from those
indicated by the forward-looking statements. Over time, our actual
results, performance, or achievements will likely differ from the
anticipated results, performance or achievements that are expressed
or implied by our forward-looking statements, and such difference
might be significant and harmful to our stockholders' interest.
Many important factors that could cause such a difference are
described under the caption "Risk Factors," in Item 1A of our
Annual Report on Form 10-K for the fiscal year ended April 30, 2021, which you should review
carefully, and in our subsequent quarterly reports on Form 10-Q and
current reports on Form 8-K. These reports are available on our
investor relations website at
www.kewaunee.com and on the SEC website at
www.sec.gov. These forward-looking statements speak only
as of the date of this document. The Company assumes no obligation,
and expressly disclaims any obligation, to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact:
|
Donald T. Gardner III
|
|
704/871-3274
|
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SOURCE Kewaunee Scientific Corporation