Flowserve has announced the final signing of an amendment to a nuclear power industry valve joint venture agreement, originally announced in March 2009, between Flowserve and SUFA Technology Industry Co. Ltd. CNNC (SUFA).
Since the initial announcement, both parties have been actively working to complete the amendment, which has now been finalized and clarifies the path forward of the joint venture.
The joint venture, called SUFA - Flowserve Nuclear Power Equipment (Suzhou) Co., Ltd., will be headquartered in Suzhou, in the province of Jiangsu, China. SUFA will contribute 55% of the joint venture's registered capital, while Flowserve will contribute 45% of the joint venture's registered capital. In 2009, Reuters reported that the JV was 51:49 in favour of SUFA.
Under the agreements, both parties will contribute nuclear power industry valve technology and build a joint manufacturing facility. The joint venture plans to manufacture safety-related valves, including Main Steam Isolation Valves (MSIVs), exclusively for China's civilian nuclear power industry.
"This amendment will satisfy the Chinese government's nuclear power development strategy, and will make this joint venture a successful nuclear valve manufacturer in China," said Jiangang Qiu, Vice President of China National Nuclear Corporation (CNNC) and Chairman of SUFA.
"This joint venture will help promote the expansion of China's civilian nuclear power market," said Tom Pajonas, President of the Flowserve Flow Control Division. "This joint venture supports Flowserve's Chinese nuclear power strategy. We believe it will provide additional opportunities to continue supporting this important market."
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