CHARLOTTE, N.C., Feb. 24 /PRNewswire-FirstCall/ -- SPX Corporation today announced that its flow technology business has reached an agreement with Westinghouse Electric Co. to provide highly specialized squib valves for up to twelve new AP1000tm nuclear power plants in the United States and China. The contracts combined are valued in excess of $100 million.
"We are pleased to align with Westinghouse and its construction partners and customers as they build some of the first new nuclear plants in the United States in nearly 30 years, and we're excited to play a part in the new plants in China, as well," said Don Canterna, SPX segment president. "SPX is playing an active and important role in the nuclear renaissance and in helping meet the growing demand for power generation around the world."
In China, the contracts are for four plants, two each for Sanmen Nuclear Power Company Ltd. and Shandong Nuclear Power Company Ltd. These plants are to be constructed at the Sanmen and Haiyang sites. Construction is expected to begin in 2009, with the first plant becoming operational in late 2013.
The Westinghouse AP1000 design has been selected by utilities in the United States to be used in the construction of new nuclear power plants to be built within the next decade, and has received international acceptance within the nuclear power industry.
"In 2007, we announced plans to design and engineer valves for Westinghouse for new nuclear plants in China. Today's announcement shows we are committed to delivering solutions for power generation across the globe," Canterna added.
SPX Flow Technology has a long-standing relationship with Westinghouse and currently designs and supplies control, isolation and rotary valves for nuclear plants in China, Spain, Brazil, Japan, Mexico, United Kingdom and South Korea.
Westinghouse Electric Company, a group company of Toshiba Corporation, is the world's pioneering nuclear power company and is a leading supplier of nuclear plant products and technologies to utilities throughout the world. Westinghouse supplied the world's first PWR in 1957 in Shippingport, PA. Today, Westinghouse technology is the basis for approximately one-half of the world's operating nuclear plants, including 60 percent of those in the United States.
SPX Corporation is a Fortune 500 multi-industry manufacturing leader. The company offers highly-specialized engineered solutions to solve critical problems for customers.
SPX is focused on providing solutions that support the expansion of global infrastructure, with particular emphasis on the growing worldwide demand for energy and power. Its innovative product portfolio, containing many energy efficient products, includes cooling systems for power plants throughout the world; custom engineered process equipment that assists a variety of flow processes including food and beverage manufacturing, oil and gas exploration, distribution and refinement and power generation; handheld diagnostic tools that aid in vehicle maintenance and repair; and power transformers that regulate voltage for electrical transmission and distribution by utility companies.
SPX is headquartered in Charlotte, North Carolina and employs more than 17,000 people worldwide in over 35 countries. Visit http://www.spx.com/.
Certain statements in this press release including any statements relating to fulfillment of the terms of the referenced contracts, may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. Please refer to our public filings for a discussion of certain important factors that relate to forward-looking statements contained in this press release. The word "expected," "anticipated" and similar expressions may identify forward-looking statements. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Statements in the press release speak only as of the date of this press release, and SPX disclaims any responsibility to update or revise such statements.
