Major Nuclear Contracts Awarded to Velan Inc.

Velan Inc. announced Monday that it has been awarded several important contracts amounting to approximately $80 million for valves for nuclear power projects in China and Slovakia. The Canadian operations have booked an order for nuclear gate, globe, check and butterfly valves for the Mochovce nuclear power plant in Slovakia. This order is in addition to the previously reported order for main steam isolation valves (MSIV) for the same nuclear power plant. The company's French subsidiary, Velan SAS, has recently booked several important nuclear contracts in China to supply actuated forged valves to CNPEC for 4 CPR1000 nuclear power plants in Ning De and Hong Yan He, and to CNPE/CNNC for 2 CPR600 nuclear power plants in Hainan Changjiang. Nuclear contracts are typically longer term and although shipments will start on some contracts in Fiscal 2011 they will extend over several years. More…