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IPS signs deal to equip 2 nuclear plants

US-BASED Invensys Process Systems said it had signed a deal worth US$250 million to provide control and safety systems to two new nuclear power plants that are currently under construction in China, the biggest nuclear power sector deal in the company's history, IPS said yesterday.

IPS, which also provides equipment and services for oil refineries and chemical plants and has consumer electronics and pharmaceutical clients, opened a new manufacturing facility in Shanghai yesterday, its largest plant in Asia.

According to the agreement, IPS China will help China Nuclear Power Engineering Corp develop and install digitalized control rooms, equipped with simulation technology and control and safety systems, for two new nuclear power plant sites in Fujian and Zhejiang provinces.

IPS is also seeking opportunities in North America and Europe, said Ulf Henriksson, IPS's chief executive.

According to China's energy strategy, nuclear power stations will supply 5 percent of the country's energy by 2020, compared with 1.3 percent now.

This means China will build two new nuclear plants each year until 2020, analysts said.

IPS won't be greatly influenced by the global financial crisis as it has "no debt," Henriksson said.

"We invest in the tough times for the long term, not for the short term," Henriksson said during the opening ceremony of the new plant.

IPS's new plant, which will make safety equipment for the local and global markets, occupies 18,300 square meters in Fengxian District. It is operated by Shanghai Foxboro Co, IPS's Chinese joint venture with Shanghai Yidian Holding (Group) Ltd.

IPS is building another plant in Qingdao City for a consumer electronics client.

Foxboro, in which IPS has a 70-percent stake, was one of the earliest JVs on the Chinese mainland, founded in 1982.



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