Last checked at 30 Oct 2012 07:00
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.