Kewaunee Scientific Company Declares Continued Backlog Development with Dangote Refinery Contract

STATESVILLE, N.C., March 9, 2022 /PRNewswire/ — Kewaunee Scientific Company (NASDAQ: KEQU), a acknowledged world chief within the design, manufacture, and set up of laboratory, healthcare, and technical furnishings merchandise, at the moment pronounces that the Firm’s Indian subsidiary has been awarded a $17.3 million contract for laboratory furnishings and gear, by the Dangote Oil Refinery Firm Restricted (hereinafter “Dangote Oil”), situated in Lagos, Nigeria (https://www.dangote.com//).

The Dangote Oil Refinery is a 650,000 barrels per day built-in refinery challenge beneath development within the Lekki Free Zone close to Lagos, Nigeria. It’s anticipated to be Africa’s largest oil refinery and the world’s largest single-train facility when accomplished. The refinery is meant to fulfill 100% of the Nigerian requirement for all refined merchandise and have a surplus for export. Dangote Petroleum Refinery is a multi-billion-dollar challenge that Dangote Oil believes will create a marketplace for $11 Billion per 12 months of Nigerian crude oil.

As talked about in Kewaunee’s third quarter earnings launch, the Firm’s order backlog was $138.1 million on January 31, 2022, rising 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 quantities and will likely be mirrored within the Firm’s order backlog when it studies earnings for the fourth quarter of the Firm’s 2022 fiscal 12 months. Kewaunee expects that the inclusion of this award will outcome within the Firm reporting one other file order backlog. The Dangote Oil challenge will likely be reported inside the Firm’s Worldwide Section and is anticipated to be delivered over the subsequent eighteen months.

“The African market has all the time been a market that we anticipated to start producing laboratory alternatives because the continent continues to develop and spend money on infrastructure requiring these kind of areas,” mentioned Mr. B. Sathya Murthy, Managing Director & Vice President – Worldwide Operations, Kewaunee Scientific Company. “The Kewaunee Worldwide group possesses market main design, manufacturing, and set up capabilities which make potential the supply of huge, advanced tasks like Dangote Oil on a turnkey foundation. We’re excited for this chance to showcase Kewaunee’s capabilities on such a high-profile petroleum challenge at Africa’s largest oil refinery facility.”

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“I’m extraordinarily pleased with our worldwide group and their relentless deal with serving our prospects, whatever the geographic market,” mentioned Thomas D. Hull III, President and Chief Govt Officer of Kewaunee Scientific Company. “Kewaunee brings over 100 years of expertise in designing, manufacturing, and putting in the very best high quality laboratory furnishings and gear for world class environments, just like the Dangote Oil Refinery. Kewaunee’s future is vivid and the demand for our merchandise continues to develop, as evidenced by this announcement and different not too long ago reported important awards.”

About Kewaunee Scientific

Based in 1906, Kewaunee Scientific Company is a acknowledged world chief within the design, manufacture, and set up of laboratory, healthcare, and technical furnishings merchandise. The Firm’s merchandise embrace metal, wooden, and laminate casework, fume hoods, adaptable modular techniques, moveable workstations, stand-alone benches, organic security cupboards, and epoxy resin work surfaces and sinks.

The Firm’s company headquarters are situated in Statesville, North Carolina. Gross sales places of work are situated in america, India, Saudi Arabia, and Singapore. Three manufacturing amenities are situated in Statesville serving the home and worldwide markets, and one manufacturing facility is situated in Bangalore, India serving the native Asian and African markets. Kewaunee Scientific’s web site is situated at https://www.kewaunee.com.

This press launch accommodates statements that the Firm believes to be “forward-looking statements” inside the which means of the Personal Securities Litigation Reform Act of 1995. All statements apart from statements of historic truth included on this press launch, together with statements relating to the Firm’s future monetary situation, outcomes of operations, enterprise operations and enterprise prospects, are forward-looking statements. Phrases comparable to “anticipate,” “estimate,” “count on,” “challenge,” “intend,” “plan,” “predict,” “imagine” and comparable phrases, expressions and variations of those phrases and expressions are supposed to establish forward- trying statements. Such forward-looking statements are topic to identified and unknown dangers, uncertainties, assumptions, and different essential components that would considerably influence outcomes or achievements expressed or implied by such forward-looking statements. Such components, dangers, uncertainties and assumptions embrace, however should not restricted to: aggressive and common financial circumstances and the continuing influence of the COVID-19 pandemic, together with disruptions from authorities mandates, each domestically and internationally; adjustments in buyer calls for; technological adjustments in our operations or in our trade; dependence on prospects’ required supply schedules; dangers associated to fluctuations within the Firm’s working outcomes from quarter to quarter; dangers associated to worldwide operations, together with international forex fluctuations; adjustments within the authorized and regulatory setting; adjustments in uncooked supplies and commodity prices; and acts of terrorism, conflict, governmental motion, pure disasters and different Pressure Majeure occasions; and the last word influence on the Firm of the cyber assault suffered on November 5, 2021. The cautionary statements made pursuant to the Reform Act herein and elsewhere by us shouldn’t be construed as exhaustive. We can not all the time predict what components would trigger precise outcomes to vary materially from these indicated by the forward-looking statements. Over time, our precise outcomes, efficiency, or achievements will probably differ from the anticipated outcomes, efficiency or achievements which are expressed or implied by our forward-looking statements, and such distinction could be important and dangerous to our stockholders’ curiosity. Many essential components that would trigger such a distinction are described beneath the caption “Danger Components,” in Merchandise 1A of our Annual Report on Kind 10-Ok for the fiscal 12 months ended April 30, 2020, which you need to evaluation rigorously, and in our subsequent quarterly studies on Kind 10-Q and present studies on Kind 8-Ok. These studies can be found on our investor relations web site at www.kewaunee.com and on the SEC web site at www.sec.gov. These forward-looking statements converse solely as of the date of this doc. The Firm assumes no obligation, and expressly disclaims any obligation, to replace any forward-looking statements, whether or not because of new data, future occasions or in any other case.

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SOURCE Kewaunee Scientific Company