Under the new contracts, which are valued at about $13 million, SPX will engineer and manufacture specialty valves that will be used in new nuclear power plants. The valve design fees will be funded in part by the US Department of Energy in the amount of approximately $2.2 million, which represents 50% of the development costs.
Westinghouse recently signed an agreement with the China’s State Nuclear Power Technology Corporation (SNPTC) to build four new nuclear power plants in Sanmen in the Zhejiang province, and Haiyang in the Shandong province. The first unit will be operational by 2013. SPX will also provide technical support and training for the plants.
Chris Kearney, SPX chairman, president and CEO, said: We are pleased to align with Westinghouse as they build nuclear power plants in China. This collaboration brings our engineering expertise together with Westinghouse’s project knowledge. Together we are playing a role in helping build energy infrastructure around the globe.
