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CUI unit Orbital Gas Systems draws $3.3M in 4Q purchase orders from Texas client for integration projects

The subsidiary will provide online analysis systems for process control of two new fractionation units

Map of Texas
The orders were awarded by a large, Texas-based engineering, procurement and construction company

CUI Global Inc. (NASDAQ:CUI) said Thursday that a subsidiary, Orbital Gas Systems, was awarded purchase orders for integration projects totaling $3.3 million during the fourth quarter.

Tualatin, Oregon-based CUI said in a release that the orders came from a large, Texas-based engineering, procurement and construction company.

READ: CUI completes sale of corporate headquarters and enters leaseback

Orbital, based in Houston, will provide online analysis systems for process control of two new fractionation units. The orders originated from a pair of Gulf Coast companies, according to CUI.

"We're seeing an uptick in integration projects in and around Southeast Texas that is being driven by our growing reputation in engineering and design expertise," CUI Global President and CEO William Clough said in a statement.

Shares of CUI climbed nearly 3.3% to $1.26 in Thursday’s Nasdaq trading.

On Wednesday, CUI announced that it had closed on a contract for the sale of its Tualatin headquarters for a purchase price of $8.1 million and entered a lease-back agreement.

Adjusting for the repayment of an outstanding mortgage on the facility, taxes and closing costs, net proceeds to CUI Global are about $4.5 million, according to the company. 



Contact Dennis Fitzgerald at dennis@proactiveinvestors.com
 

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