IMI moves into China nuclear industry

Global engineering group IMI is to set up a joint venture in China to supply the country's burgeoning nuclear power industry.

Global engineering group IMI is to set up a joint venture in China to supply the country's burgeoning nuclear power industry.

The firm has signed an agreement with Shanghai Automation Instrumentation Company (SAIC) to supply control valves for new plants.

SAIC are industry leaders in controls and instrumentation technology and were already important suppliers to the Chinese nuclear industry, IMI said.

The nuclear power market in China is expanding fast with 15 operational reactors, 27 under construction and more expected to start construction in the near future.

IMI said the new company would produce the valves at a new production facility to be built on the Chong Ming Island of Shanghai.

Completion of the deal is subject to regulatory clearances and is expected to take place within six months.

Executive Director Roy Twite said it was 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," he said.

"We are looking forward to building a long relationship with SAIC delivering industry leading critical valve solutions to the Chinese nuclear market."

Recommended

Britain’s ten most-hated shares – w/e 9 August
Stocks and shares

Britain’s ten most-hated shares – w/e 9 August

Rupert Hargreaves looks at Britain's ten most-hated shares, and what short-sellers are looking at now.
10 Aug 2022
Aviva: One for income investors to tuck away
Share tips

Aviva: One for income investors to tuck away

Insurance giant Aviva is one of the highest yielding stocks in the FTSE 100 – and it’s cheap, too, making it a tempting target for income investors. R…
10 Aug 2022
Director dealings w/e 5 August: what company insiders are buying and selling
Stocks and shares

Director dealings w/e 5 August: what company insiders are buying and selling

Directors’ share dealings can often give investors an insight into the sentiment of company insiders. Here are some of the biggest deals by company di…
9 Aug 2022
Britain’s most-bought shares w/e 5 August
Stocks and shares

Britain’s most-bought shares w/e 5 August

A look at Britain’s most-bought shares as of 5 August, providing an insight into how investors are thinking and where opportunities may lie.
9 Aug 2022

Most Popular

Are UK house prices finally heading for a crash?
House prices

Are UK house prices finally heading for a crash?

The latest house price figures show a fall of 0.1% in July. With interest rates rising, inflation hitting double figures and a recession on the cards,…
5 Aug 2022
Brace yourself for the return of rationing
Economy

Brace yourself for the return of rationing

Russia is turning off the cheap energy. That is already leading to belt-tightening, says Matthew Lynn. Who will suffer most, and which sectors will th…
5 Aug 2022
Fear of missing out – what should investors do now?
Investment strategy

Fear of missing out – what should investors do now?

Markets have rallied from their mid-June lows. But if you missed out, as most investors did, what should you do now? Max King explains.
8 Aug 2022