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IMI PLC (IMI.LN), an 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, or 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.
-IMI shares closed Friday at 914.0 pence.
By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [email protected]