IMI PLC IMI New nuclear joint venture in China

  IMI PLC (IMI) - New nuclear joint venture in China

RNS Number : 7879P
IMI PLC
30 October 2012
 



 

 

 

 

 

30 October 2012

 

IMI plc

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 
Shanghai.

 

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." 

 

Enquiries to:

Will              Shaw                                                     IMI 
plc                         Tel: +44 (0)121 717 3915

Rollo Head / Charlie Chichester      RLM Finsbury             Tel: +44  (0)207 
251 3801

 

 

 

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
 
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MSCUKONRUUARUAA -0- Oct/30/2012 07:00 GMT