Kewaunee Scientific Corporation Announces Continued Growth in Backlog with Dangote Refinery Contract


STATESVILLE, North Carolina, 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 Indian subsidiary of the company received a $17.3 million dollar contract for laboratory furniture and equipment, by Dangote Oil Refinery Company Limited (hereafter “Dangote Oil”), located in Lagos, Nigeria (https://www.dangote.com//).

The Dangote Oil Refinery is a 650,000 barrel per day integrated refinery project under construction in the Lekki Free Zone near Lagos, Nigeria. It is expected to be africa the world’s largest oil refinery and single-train facility when completed. The refinery is intended to meet 100% of Nigeria’s requirements for all refined products and have a surplus for export. Dangote Petroleum Refinery is a multi-billion dollar project that Dangote Oil says 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 backlog was $138.1 million to January 31, 2022passing $103.0 million to January 31, 2021and $114.5 million to April 30, 2021. Dangote Oil’s award was not included in these reported amounts and will be reflected in the Company’s backlog when it reports results for the Company’s fiscal 2022 fourth quarter. Kewaunee expects the inclusion of this award will lead the company to record another record order book. The Dangote Oil project will be reported in the company’s international segment and is expected to be delivered within the next eighteen months.

“The African market has always been a market that we expected would start to generate laboratory opportunities as the continent continues to grow and invest in infrastructure that requires these types of spaces,” said MB sathya murthy, Managing Director and Vice President – ​​International Operations, Kewaunee Scientific Corporation. “The Kewaunee International team has market-leading design, fabrication and installation capabilities that make it possible to deliver large, complex projects like Dangote Oil on a turnkey basis. We are excited about this opportunity to showcase Kewaunee’s capabilities on such a prestigious oil project at africa largest oil refinery facility.”

“I am extremely proud of our international team and their constant focus on serving our customers, regardless of geographic market,” said Thomas D. Hull III, President and CEO of Kewaunee Scientific Corporation. “Kewaunee brings over a hundred years of experience in designing, manufacturing and installing the highest quality laboratory furniture and equipment for world-class environments, such as the Dangote Oil Refinery. Kewaunee’s future is bright and demand for our products continues to grow, as evidenced by this announcement and other major awards recently announced.”

About Kewaunee Scientific

Founded in 1906, Kewaunee Scientific Corporation is a recognized world leader in the design, manufacture and installation of laboratory, healthcare and technical furniture products. The Company’s products include steel, wood and laminate furniture, fume hoods, adaptable modular systems, mobile workstations, freestanding benches, biological safety cabinets and resin work surfaces and sinks. epoxy.

The registered office of the Company is located at Statesville, North Carolina. The sales offices are located at United States, India, Saudi Arabiaand Singapore. Three manufacturing plants are located in Statescity serving domestic and international markets, and a manufacturing plant is located at Bengaluru, India serving the local Asian and African markets. The Kewaunee Scientific website can be found at https://www.kewaunee.com.

This press release contains statements that the Company considers to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this press release, including statements regarding the Company’s future financial condition, results of operations, business activities 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. These forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors that could have a material impact on the results or achievements expressed or implied by these forward-looking statements. These factors, risks, uncertainties and assumptions include, but are not limited to: general and competitive economic conditions and the continued impact of the COVID-19 pandemic, including disruptions to government mandates, both domestically and internationally. international ; changes in customer demands; technological changes in our operations or in our industry; reliance on delivery schedules required by customers; risks relating to fluctuations in the Company’s operating results from quarter to quarter; international transaction risks, including currency fluctuations; changes in the legal and regulatory environment; changes in raw materials and commodity costs; and acts of terrorism, war, government action, natural disasters and other force majeure events; and the ultimate impact on the Company of the cyberattack suffered on November 5, 2021. The warnings given under the Reform Act here and elsewhere by us should not be construed as exhaustive. We cannot always predict which 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 any anticipated results, performance or achievements that are expressed or implied by our forward-looking statements, and such difference could be material and harmful to the interests of our shareholders. Many important factors that could cause such a difference are described under “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the year ended. April 30, 2020, which you should read carefully, as well as in our subsequent quarterly reports on Form 10-Q and our current reports on Form 8-K. These reports are available on our Investor Relations website at www.kewaunee.com and on the SEC’s website at www.sec.gov. These forward-looking statements speak only as of the date of this document. The Company undertakes 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

SOURCE Kewaunee Scientific Corporation

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