Velan Opens New Offices and Plant in India
MONTREAL, QUEBEC -- (Marketwire) -- 12/04/12 -- On Monday, December
3, 2012, Velan Valves India Pvt. Ltd. (VVI), a wholly owned
subsidiary of Velan Inc. (TSX:VLN) located in Coimbatore, Tamil Nadu,
India, opened its new manufacturing plant in a special inauguration
ceremony, presided over by Mr. Tom Velan, President and Chief
Executive Officer of Velan Inc. Mr. Stewart Beck, Canadian High
Commissioner to The Republic of India, was the guest of honor and
spoke about the tremendous growth in Indo-Canadian business. He also
made positive comments about the expected signing of the Nuclear
Cooperation Agreement between the Canadian and Indian governments.
According to Mr. Ramesh Babu, Managing Director of VVI, "This new
plant will complement the strong sales force we currently have in
India. It will target the growing utility power market and the
refinery segment. Velan is a preferred vendor to the existing
National Thermal Power Corporation (NTPC) super critical projects
and, with the opening of this new plant, we are now physically closer
to the customer and will be in a position to offer faster deliveries
at competitive prices. Velan products are currently in use in many of
the petrochemical refineries, conventional and nuclear power plants,
fertilizer plants, and aerospace industries in India and we look
forward to strengthening and enhancing our engagement in this
important and growing market."
Mr. Tom Velan, President and Chief Executive Officer of Velan Inc.,
states: "India's energy industries have become an important market
for our products and for many years Indian suppliers have been part
of our global supply chain. Many of India's valve manufacturers,
machine shops, and forging and casting suppliers are located in Tamil
Nadu province so it is a good place to find experienced people and
suppliers. The opening of our Indian production plant represents
another important step in growing our manufacturing base in Asia."
The new 100,000-square-foot plant represents an investment of
approximately US$10 million for Velan and a growing commitment to
serving the needs of the burgeoning industries in this important
emerging country. VVI will begin producing small forged valves and
there are future plans to expand into other products that cater
specifically to the Indian energy and fertilizer markets.
About Velan: Velan Inc. (www.velan.com) is a world-leading
manufacturer of industrial valves with sales of $437 million in its
last reported fiscal year. The company employs over 2,000 people and
has manufacturing plants in ten countries. Velan Inc. is a public
company with its shares listed on the Toronto Stock Exchange under
the symbol VLN.
This press release may contain information and statements of a
forward-looking nature concerning the future performance of Velan
Inc. and its subsidiaries. These statements are based on suppositions
and uncertainties as well as on management's best possible evaluation
of future events. As a result, readers are advised that actual
results may differ from expected results.
President and CEO
(514) 908-0180 (FAX)
John D. Ball
Chief Financial Officer
(514) 908-0180 (FAX)
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