Last checked at 6 Dec 2010 07:00
IMI plc
New nuclear joint venture in China
IMI, the international engineering group, is pleased to announce that it has entered into a memorandum of understanding to create a new venture in China with Shanghai Automation Instrumentation Company Ltd ("SAIC"). SAIC are industry leaders in controls and instrumentation technology and are already important suppliers to the China nuclear industry. The nuclear power market in China is the fastest growing in the world with 13 operational reactors, 25 under construction and many more expected to start construction in the near future. These planned new reactors are expected to increase China's nuclear capacity to 80 gigawatts by 2020 and significantly higher thereafter.
The proposed joint venture will produce control valves for critical applications for these new nuclear power generation plants. The product range will complement IMI's existing nuclear capabilities offering a complete supply of control valves. The proposed venture and the parties respective contributions are expected to be finalised in the next few months, with plans for a new valve production facility to be established on Chong Ming Island, near Shanghai.
James Pickren, President IMI Nuclear, said:
"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 and is an important part of our overall nuclear strategy. 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 3712
Rollo Head / Clare Hunt Finsbury Tel: +44 (0)20 7251 3801