IMI enters into China nuclear agreement
International engineering group IMI has entered into a memorandum of understanding to create a new venture in China. The joint venture will be undertaken alongside Shanghai Automation Instrumentation Company (SAIC).
The two parties have submitted plans for a new valve production facility to be established on Chong Ming Island, near Shanghai.
SAIC manufactures controls and instrumentation technology and already supplies 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”, said IMI.
The proposed venture and the parties’ respective undisclosed contributions are expected to be finalised in the next few months.
James Pickren, president of 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."
