STATESVILLE, N.C., March 9, 2022 /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 $17.3 million contract for laboratory
furniture and equipment, by the Dangote Oil Refinery Company
Limited (hereinafter "Dangote Oil"), located in Lagos, Nigeria
(https://www.dangote.com//).
The Dangote Oil Refinery is a 650,000 barrels per day integrated
refinery project under construction in the Lekki Free Zone near
Lagos, Nigeria. It is expected to
be Africa's largest oil refinery
and the world's largest single-train facility when completed. The
refinery is intended to meet 100% of the Nigerian requirement for
all refined products and have a surplus for export. Dangote
Petroleum Refinery is a multi-billion-dollar project that Dangote
Oil believes will create a market for $11
Billion per year of Nigerian crude oil.
As mentioned in Kewaunee's third quarter earnings release, the
Company's order backlog was $138.1
million on January 31, 2022,
increasing from $103.0 million on
January 31, 2021, and $114.5 million on April
30, 2021. The Dangote Oil award was not included in
these reported amounts and will be reflected in the Company's order
backlog when it reports earnings for the fourth quarter of the
Company's 2022 fiscal year. Kewaunee expects that the
inclusion of this award will result in the Company reporting
another record order backlog. The Dangote Oil project will be
reported within the Company's International Segment and is expected
to be delivered over the next eighteen months.
"The African market has always been a market that we expected to
begin generating laboratory opportunities as the continent
continues to develop and invest in infrastructure requiring these
types of spaces," said Mr. B. Sathya
Murthy, Managing Director & Vice President –
International Operations, Kewaunee Scientific Corporation.
"The Kewaunee International team possesses market leading design,
manufacturing, and installation capabilities which make possible
the delivery of large, complex projects like Dangote Oil on a
turnkey basis. We are excited for this opportunity to
showcase Kewaunee's capabilities on such a high-profile petroleum
project at Africa's largest oil
refinery facility."
"I am extremely proud of our international team and their
relentless focus on serving our customers, regardless of the
geographic market," said Thomas D. Hull
III, President and Chief Executive Officer of Kewaunee
Scientific Corporation. "Kewaunee brings over one hundred
years of experience in designing, manufacturing, and installing the
highest quality laboratory furniture and equipment for world class
environments, like the Dangote Oil Refinery. Kewaunee's
future is bright and the demand for our products continues to grow,
as evidenced by this announcement and other recently reported
significant awards."
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. 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 Asian and African 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; and the ultimate impact
on the Company of the cyber attack suffered on November 5, 2021. 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, 2020, 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