VELAN receives contracts worth US$55 million to supply safety related valves for 3rd generation nuclear reactors at Hinkley Point C in the U.K.

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

VELAN receives contracts worth US$55 million to supply safety related valves for 3rd generation nuclear reactors at Hinkley Point C in the U.K.

MONTREAL, QUEBEC--(Marketwired - May 18, 2017) - VELAN (TSX:VLN) will provide NNB GENERATION Company (HPC) Limited, a subsidiary of EDF Energy Plc, a French-British power utility, and AREVA NP, the world leader in nuclear engineering, nuclear valves to equip the primary and safety auxiliary systems of the two new-generation EPR™ reactors at the Hinkley Point C nuclear power plant, located in Somerset, United Kingdom.

Valued at approximately US$55 million, this transaction was recorded in the group's order book in the fourth quarter of the last fiscal year, which ended on February 28, 2017. Delivery of the equipment is scheduled for 2019-2021.

This supply of critical nuclear valves includes high-pressure gate valves and globe valves, manually or electrically operated, as well as check valves, which will be designed and manufactured at the group's two French production units (VELAN S.A.S., based in Lyon, and SEGAULT S.A.S., based in Mennecy).

These valves meet the most stringent safety specifications and are based on a proven technology that has benefited from extensive past operational experience. They contribute to the safety of the reactor by isolating or controlling all the primary fluids within the plant's nuclear island. In the event of an unexpected incident, these valves help in shutting down or controlling the reactor in accidental or post-accidental conditions.

"VELAN demonstrated through a robust procurement process their ability to be able to deliver critical valves for the HPC project. As one of our equipment supply industrial partners VELAN will help support the successful delivery of the HPC project", said Ken Owen, Commercial Director for NNB.

For Raphaël Couturier, Sales Director for VELAN S.A.S. and SEGAULT S.A.S., "This project confirms the continuation of our cooperation with our historic partners, EDF and AREVA, in the field of specific valve solutions that are important for safety. It also demonstrates our ability to equip reactors of all types of technology, and our intention to be a global player in this market, both for new facilities and for operating and modernizing the world's global fleet of nuclear reactors."

In recent decades, VELAN has gained a unique experience by deploying its technology in more than 350 nuclear reactors located in more than 22 countries worldwide. As for French-designed EPR™ type reactors, VELAN has outfitted the reactors of OLKILIOTO 3 in Finland, FLAMANVILLE 3 in France, and TAISHAN 1-2 in China.

Yves Leduc, President and CEO of VELAN Inc., said: "Most of the new nuclear projects around the world are of advanced, Generation 3 design, which requires increasingly reliable and proven valve equipment. Thanks to VELAN's long experience in this extremely demanding industry, our group is ideally positioned to offer high- quality products that fulfill our customers' stringent safety requirements at the lowest cost possible. We are also very proud to share our technical expertise with EDF and AREVA, which are historic and renowned players in the field."

About Velan

Founded in Montreal in 1950, Velan Inc. (www.velan.com) is one of the world's leading manufacturers of industrial valves, with sales of US$331.8 million in its last reported fiscal year. The Company employs over 1,800 people and has manufacturing plants in 9 countries. Velan Inc. is a public company with its shares listed on the Toronto Stock Exchange under the symbol VLN.

Safe harbour statement

This news release may include forward-looking statements, which generally contain words like "should", "believe", "anticipate", "plan", "may", "will", "expect", "intend", "continue" or "estimate" or the negatives of these terms or variations of them or similar expressions, all of which are subject to risks and uncertainties, which are disclosed in the Company's filings with the appropriate securities commissions. While these statements are based on management's assumptions regarding historical trends, current conditions and expected future developments, as well as other factors that it believes are reasonable and appropriate in the circumstances, no forward-looking statement can be guaranteed and actual future results may differ materially from those expressed herein. The Company disclaims any intention or obligation to update or revise any forward-looking statements contained herein whether as a result of new information, future events or otherwise, except as required by the applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

VELAN Inc.
Yves Leduc
President & Chief Executive Officer
(514) 748-7743
(514) 748-8635
VELAN Inc.
John D. Ball
Chief Financial Officer
(514) 748-7743
(514) 748-8635
www.velan.com

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).