China Valves Technology, Inc. (NASDAQ: CVVT) ("China Valves" or the "Company"), a leading Chinese metal valve manufacturer, today announced that one of the Company's subsidiaries, Henan Kaifeng High Pressure Valve Co., Ltd. ("Kaifeng Valve"), received two purchase orders from China Guangdong Nuclear Power Group ("CGNPG") for gate valves, check valves and globe valves worth $2.0 million in total.
State-owned CGNPG is one of China's two leading companies engaged in nuclear power development and operations. The nuclear forged steel valves covered by the first purchase order will be used for CGNPG's projects at the Hongyanhe nuclear power station in Liaoning province and Ningde nuclear power station in Fujian province. Kaifeng Valve expects to deliver the products for the first purchase order in batches until 2012.
China Valves signed the contract for the second purchase order with its partner Shanghai Electric, the contractor of CGNPG. The valves under this contract are intended for CGNPG's Yangjiang nuclear power station in Guangdong province'. Kaifeng Valve expects to deliver these products in August 2011.
"These two orders reflect our strong strategic partnership with CGNPG and Shanghai Electric," said Jianbao Wang, Chief Executive Officer of China Valves. "While China is still in the process of testing its nuclear plants under construction and emphasizing heightened safety requirements following the nuclear disaster in Japan earlier this year, China's voracious appetite for energy indicates that nuclear power is still likely to be an important part of China's energy solution in the future."
