IMI PLC (IMI) - New nuclear joint venture in China
RNS Number : 7879P
30 October 2012
30 October 2012
New nuclear joint venture in China
Further to our announcement in December 2010, IMI, the global engineering
group, is pleased to announce that it has signed an agreement for a new joint
venture in China with Shanghai Automation Instrumentation Company Co.,
Ltd.("SAIC") to supply control valves into the nuclear power market. SAIC are
industry leaders in controls and instrumentation technology and are already
important suppliers to the Chinese nuclear industry.
The nuclear power market in China is the fastest growing in the world with 15
operational reactors, 27 under construction and more expected to start
construction in the near future. These planned new reactors are expected to
increase China's nuclear capacity to 67 gigawatts by 2020 and significantly
higher thereafter. The new company will produce control valves for critical
applications for these new nuclear power generation plants in a new valve
production facility which will be established on Chong Ming Island of
Completion is subject to regulatory clearances and is expected to take place
within 6 months.
Roy Twite, Executive Director, IMI plc, said:
"We are very pleased to have signed this agreement with SAIC. This is a very
exciting opportunity for IMI. China is investing heavily in new nuclear power
generation over the long term and this new venture will enable IMI to play a
significant role in this development. We are looking forward to building a
long relationship with SAIC delivering industry leading critical valve
solutions to the Chinese nuclear market."
Will Shaw IMI
plc Tel: +44 (0)121 717 3915
Rollo Head / Charlie Chichester RLM Finsbury Tel: +44 (0)207
Notes to editors:
IMI is a global engineering group focused on the precise control and movement
of fluids in critical applications. It works with leading international
companies in over 50 countries to deliver innovative engineering solutions,
built around valves and actuators, to address global trends such as climate
change, resource scarcity, urbanisation and an ageing population. Its shares
are listed on the London Stock Exchange and it is a member of the FTSE100.
Further information is available at www.imiplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
MSCUKONRUUARUAA -0- Oct/30/2012 07:00 GMT
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