Flowserve Finalizes Joint Venture Contract with SUFA

Flowserve 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.

Under the agreements, both parties will contribute nuclear power industry valve technology and build a joint manufacturing facility. More…