Ampco-Pittsburgh Subsidiary Announces Customer Contract Win
29 November 2021 - 10:28PM
Business Wire
Ampco-Pittsburgh Corporation (NYSE: AP) today announced that the
Buffalo Pumps Division (“Buffalo Pumps”) of Air & Liquid
Systems Corporation (“Air & Liquid Systems”), a wholly-owned
subsidiary of the Corporation, has been selected by Fincantieri
Marinette Marine (“FMM”) to supply centrifugal pumps to be used in
the construction of first-in-class, guided-missile frigates for the
U.S. Navy.
Located in North Tonawanda, New York, Buffalo Pumps manufactures
centrifugal pumps for the fossil-fueled power generation, marine
defense, and industrial refrigeration industries. FMM, part of the
Fincantieri Marine Group, is a world-class shipbuilder based in
Marinette, Wisconsin.
Under the contract, Buffalo Pumps will provide centrifugal pumps
for nine onboard services, including seawater cooling, circulation
pumps, and titanium fire pumps.
Terry Kenny, President of Air & Liquid Systems, said, “We
are proud to serve Fincantieri Marinette Marine as they support the
U.S. Navy in building world-class warships to strengthen the
national security and defense of our country.”
The contract term covers six years and has a ceiling value of
$22.0 million if all options and award terms are exercised.
Shipments are expected to begin in late 2022.
About Ampco-Pittsburgh Corporation Ampco-Pittsburgh
Corporation manufactures and sells highly engineered,
high-performance specialty metal products and customized equipment
utilized by industry throughout the world. Through its operating
subsidiary, Union Electric Steel Corporation, it is a leading
producer of forged and cast rolls for the global steel and aluminum
industry. It also manufactures open-die forged products that
principally are sold to customers in the steel distribution market,
oil and gas industry, and the aluminum and plastic extrusion
industries. The Corporation is also a producer of air and liquid
processing equipment, primarily custom-engineered finned tube heat
exchange coils, large custom air handling systems, and centrifugal
pumps. It operates manufacturing facilities in the United States,
England, Sweden, Slovenia, and participates in three operating
joint ventures located in China. It has sales offices in North and
South America, Asia, Europe, and the Middle East. Corporate
headquarters is located in Carnegie, Pennsylvania.
About Fincantieri Fincantieri is one of the world’s
largest shipbuilding groups and has built more than 7,000 vessels
in over 230 years of maritime history. It is a leader in cruise
ship design and construction and a reference player in all
high-tech shipbuilding industry’s sectors, from naval to offshore
vessels, from high-complexity special vessels and ferries to
mega-yachts, ship repairs and conversions, systems and components
production and after-sales services.
Fincantieri Marine Group Fincantieri operates in the
United States through its subsidiary Fincantieri Marine Group
(FMG). This company, which serves commercial and government
customers in the US, including the U.S. Navy and Coast Guard, has
three shipyards (Fincantieri Marinette Marine, Fincantieri Bay
Shipbuilding and Fincantieri ACE Marine) located in the Great
Lakes. www.fincantierimarinegroup.com
Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 (the “Act”)
provides a safe harbor for forward-looking statements made by or on
behalf of Ampco-Pittsburgh Corporation (the “Corporation”). This
press release may include, but is not limited to, statements about
operating performance, trends, events that the Corporation expects
or anticipates will occur in the future, statements about sales and
production levels, restructurings, the impact from global pandemics
(including COVID-19), profitability and anticipated expenses,
future proceeds from the exercise of outstanding warrants, and cash
outflows. All statements in this document other than statements of
historical fact are statements that are, or could be, deemed
“forward-looking statements” within the meaning of the Act and
words such as “may,” “will,” “intend,” “believe,” “expect,”
“anticipate,” “estimate,” “project,” “forecast” and other terms of
similar meaning that indicate future events and trends are also
generally intended to identify forward-looking statements.
Forward-looking statements speak only as of the date on which such
statements are made, are not guarantees of future performance or
expectations, and involve risks and uncertainties. For the
Corporation, these risks and uncertainties include, but are not
limited to: cyclical demand for products and economic downturns;
excess global capacity in the steel industry; fluctuations of the
value of the U.S. dollar relative to other currencies; increases in
commodity prices or shortages of key production materials;
consequences of global pandemics (including COVID-19); changes in
the existing regulatory environment; new trade restrictions and
regulatory burdens associated with “Brexit”; inability of the
Corporation to successfully restructure its operations; limitations
in availability of capital to fund the Corporation’s operations and
strategic plan; inoperability of certain equipment on which the
Corporation relies; work stoppage or another industrial action on
the part of any of the Corporation’s unions; liability of the
Corporation’s subsidiaries for claims alleging personal injury from
exposure to asbestos-containing components historically used in
certain products of those subsidiaries; inability to satisfy the
continued listing requirements of the New York Stock Exchange or
NYSE American; failure to maintain an effective system of internal
control; potential attacks on information technology infrastructure
and other cyber-based business disruptions; and those discussed
more fully elsewhere in this report and in documents filed with the
Securities and Exchange Commission by the Corporation, particularly
in Item 1A, Risk Factors, in Part I of the Corporation’s latest
Annual Report on Form 10-K. The Corporation cannot guarantee any
future results, levels of activity, performance or achievements. In
addition, there may be events in the future that the Corporation
may not be able to predict accurately or control which may cause
actual results to differ materially from expectations expressed or
implied by forward-looking statements. Except as required by
applicable law, the Corporation assumes no obligation, and
disclaims any obligation, to update forward-looking statements
whether as a result of new information, events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20211129005729/en/
Melanie L. Sprowson Director, Investor Relations 412-429-2454
msprowson@ampcopgh.com
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