Velan Inc.
TSX : VLN

Velan Inc.

November 10, 2010 14:44 ET

Velan Wins Important Nuclear Valve Contracts in China

MONTREAL, QUEBEC--(Marketwire - Nov. 10, 2010) - Velan (TSX:VLN) announced today that it has received several important new nuclear contracts in October for a total of approximately $61 million.

CNPEC (China Nuclear Power Engineering Co.) has awarded Velan new contracts for nuclear classified valves for the next six CPR1000 NPPs to be built by CGNPC (China Guangdong Nuclear Power Company) in China for the projects of Yang Jiang 3, 4, 5, and 6, and Fang Chengang 1&2. These valves include electric and pneumatic actuators and are for service inside the Nuclear Island.

For the third-generation reactors C-EPR of Taishan 1&2, Velan has been selected by CNPEC / TNPJVC to supply electric-operated globe valves, bellows globe valves, check valves, and instrument valves. All these valves feature cobalt-free designs and modular maintenance features for simple in-line maintenance.

These orders, which will be shipped from 2011 through to 2014, strengthen Velan's position as an important partner of the Chinese nuclear engineering companies and further consolidate the long-term relationship Velan has enjoyed with CGNPC. Michel Monier, Director of Nuclear- China at Velan, said: "We are honored by the continuing confidence that our Chinese customers have demonstrated in us, and proud to contribute to the growth of nuclear power in China. As part of our commitment to our nuclear customers, we recently opened a Velan nuclear sales support office in Beijing, China, and formed a dedicated aftermarket team based in the Velan plant in Suzhou. This will enable us to provide quicker and more efficient support to our customers in China."

Velan also received several nuclear spare parts and maintenance orders from EDF and AREVA for nuclear plants in France.

Tom Velan, President of Velan Inc., said "These important nuclear valve orders reinforce our leadership in supplying forged valves, parts, and accessories, as well as associated technical services, to the global nuclear industry. They also clearly demonstrate the confidence that major nuclear customers have in our products and people."

Velan manufactures a leading range of cast and forged steel gate, globe, check, ball, triple- offset butterfly, knife gate, and severe service ball valves, as well as steam traps offering superior performance across major industrial applications.

T.C. Velan

President

Contact Information

  • VELAN Inc.
    Tom Velan
    President
    514-748-7743
    514-748-8635 (FAX)
    or
    VELAN Inc.
    M. John D. Ball
    Chief Financial Officer
    514-748-7743
    514-748-8635 (FAX)
    www.velan.com