IMI Inks China Nuclear JV With Shanghai Automation Instrumentation Co
December 06 2010 - 2:53AM
Dow Jones News
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.
MAIN FACTS:
-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;
iain.packham@dowjones.com
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