Flowserve Corp., supplier in the fluid motion and control industry, has signed a Memorandum of Understanding with the China National Nuclear Corporation (CNNC) and SUFA Technology Industry Co., LTD CNNC (SUFA). The memorandum is an exclusive agreement for the companies to explore forming a joint venture partnership in Suzhou, China.
The Chinese civilian nuclear power market is expected to experience significant growth in the coming years," said Jiangang Qiu, vice president of China National Nuclear Corporation. "The joint venture we are exploring would produce nuclear valves exclusively for the Chinese domestic nuclear market."
Management teams from CNNC, SUFA and Flowserve recently met at Flowserve's headquarters in Irving, TX, to sign the agreement. The CNNC, an agency of the Chinese government, has a significant ownership stake in SUFA, a private corporation based in Suzhou.
"We look forward to a future relationship with CNNC and SUFA and the opportunities this could bring to serving the growing civilian nuclear power market in China," said Lewis Kling, President and CEO of Flowserve.
Flowserve Corp. is a provider of fluid motion and control products and services. Operating in more than 55 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services.
SUFA is the largest valve manufacturer in China, specializing in various types of valves for the oil & gas, refinery, chemical and power industries.
CNNC is the Chinese agency that manages nuclear power infrastructure in China. The agency owns and operates nuclear power plants across China, and is the major force of nuclear technology development and nuclear power design in the country.