STATESVILLE, N.C., March 7,
2023 /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 contract for laboratory
furniture and technical products, delivered on a turnkey basis for
Indian Oil Corporation Limited's ("IOCL") new green field research
and development facility, located in Faridabad, India. The project was awarded by the project
general contractor, Shapoorji Pallonji Ltd.
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IOCL has committed to building a new, world-class research and
development center in Faridabad in Haryana. IOCL is focused on
converting its refineries into integrated complexes where
differentiated petrochemicals can be produced alongside the
development of alternative fuels. This new facility will perform
research on areas like alternative and renewable energy, and
nanotechnology, among other areas of interest.
Kewaunee will be releasing earnings for the Company's fiscal
year third quarter after the close of the market on March 8, 2023. This award will be included in the
order backlog number presented in the March
8 Q3 earnings release.
"We are very excited to be associated with this project, which
allows our team to deliver yet another state-of-the-art facility
with the latest laboratory furniture and technical products to one
of India's most prominent
Maharatna companies," said Mr. B. Sathyamurthy, Managing Director
& Vice President – International Operations, Kewaunee
Scientific Corporation. "This order reaffirms Kewaunee India's
execution prowess across the laboratory infrastructure value chain
and leadership position as a one-stop solution provider."
"Kewaunee's international team continues to perform at a high
level, working with customers to design and construct world class
laboratory spaces as India's
economic engine continues to roar forward," said Thomas D. Hull III, President and Chief
Executive Officer of Kewaunee Scientific Corporation. "India's economy continues to be robust with
significant investments being made in the public and private
sectors by organizations requiring the products and services
Kewaunee provides."
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, including disruptions
from government mandates, both domestically and internationally, as
well as supplier constraints and other supply disruptions; 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; acts of terrorism, war, governmental action, and 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, 2022, 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