Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for global infrastructure markets, announced it has shipped the first of several main steam isolation valves (MSIVs) to the Sanmen Nuclear Power Plant, located in the Zhejiang Province of China. The MSIVs will be installed in Unit 1 of the plant, the first Westinghouse AP1000® nuclear power plant ever built. The shipment relates to several multi-million dollar valve orders for the China nuclear market that Flowserve has booked since early 2010.
The massive MSIV, the largest of its kind produced by Flowserve, utilizes a Flowserve Edward gas/hydraulic actuator. As part of the secondary system of the pressurized water reactor (PWR), the MSIV isolates the main steam line between the steam generator and the turbine. The total assembly of the valve and actuator together stands more than 6.1 m (20 ft.) tall and weighs more than 25,900 kg (57,000 lbs.). The MSIV is designed to close within 3 to 5 seconds, which can be critical in the event that plant operations need to be shut down quickly.
The AP1000, the Westinghouse advanced passive pressurized water reactor, incorporates a new and innovative design that requires 50 percent fewer safety-related valves, 80 percent less safety-related piping and 85 percent less control cable. This design also utilizes gravity in lieu of mechanical equipment to provide emergency cooling water flow.
"The global nuclear power industry requires excellence in performance, safety standards, aftermarket experience and capabilities," said Arnold Wallace, president, Flow Control Operations. "After earning the opportunity to work with Westinghouse, Flowserve is proud to provide MSIVs for their new AP1000 nuclear power plant."
Investor Contact: Mike Mullin, director, investor relations, (972) 443-6636
Media Contact: Steve Boone, director, global communications and public affairs, (972) 443-6644
About Westinghouse Electric Co.:
Westinghouse Electric Company, a group company of Toshiba Corporation (TKY: 6502), is the world's pioneering nuclear energy company and is a leading supplier of nuclear plant products and technologies to utilities throughout the world. Westinghouse supplied the world's first pressurized water reactor in 1957 in Shippingport, Pa. Today, Westinghouse technology is the basis for approximately one-half of the world's operating nuclear plants, including 60 percent of those in the United States.
Flowserve Corp. is one of the world's leading providers 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. More information about Flowserve can be obtained by visiting the company's website at www.flowserve.com.
Safe Harbor Statement:
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition. The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in the global financial markets and the availability of capital and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers' ability to make required capital investment and maintenance expenditures; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; our ability to execute and realize the expected financial benefits from our strategic realignment initiatives; economic, political and other risks associated with our international operations, including military actions or trade embargoes that could affect customer markets, particularly Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela; our furnishing of products and services to nuclear power plant facilities; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; a foreign government investigation regarding our participation in the United Nations Oil-for-Food Program; expectations regarding acquisitions and the integration of acquired businesses; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; and other factors described from time to time in our filings with the Securities and Exchange Commission. All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.