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Avingtrans Plc announced on 11 April 2022 that its subsidiary, Hayward Tyler, Inc., secured two new nuclear contracts. These contracts, awarded by South Korean customer Korea Hydro & Nuclear Power, are worth a total of US $7m. Hayward Tyler, Inc. is to provide critical nuclear safety-related spare parts to reactors in South Korea, with completion expected before June 2023.
| Date | 11 Apr 2022 |
| Time | 07:00:07 |
| Category | Corporate updates |
| ID | 8587H |
11 April 2022
Avingtrans Plc
("Avingtrans", the "Company", or the "Group")
Hayward Tyler, Inc. Secures Two Nuclear Contracts worth $7m
Avingtrans PLC (AIM: AVG), which designs, manufactures and supplies critical components, modules, systems and associated services to the energy, medical and industrial sectors, is pleased to announce Hayward Tyler, Inc has secured two new nuclear contracts worth a total of US $7m, to be completed before June 2023, from a South Korean customer Korea Hydro & Nuclear Power.
These contracts are to provide critical nuclear safety related spare parts to reactors in South Korea for Nuclear Service Cooling pumps. Hayward Tyler has been an original equipment supplier of nuclear pumps and spare parts to the global nuclear industry, including Korea Hydro & Nuclear Power, for over 50 years.
Hayward Tyler Inc. continues to support global nuclear operations with parts, units, service, and technical support through its team of nuclear professionals and the underlying nuclear quality program.
These two contracts are strategically significant and illustrative of the strong momentum Hayward Tyler is enjoying in the South Korean market which it increasingly sees as a growing opportunity for the business.
Mike Turmelle, Managing Director of the Engineered Pumps and Motor division said:
"Support to the global nuclear power industry continues to be a key part of the Hayward Tyler business. The Hayward Tyler team are proud to be part of this essential supply chain and dedicated to the reliability and safety that is required of the systems our pumps operate in."
Steve McQuillan, CEO of Avingtrans, commented:
"We are delighted to have been awarded these contracts in a key geography for Hayward Tyler. Both the new political environment in South Korea and global sentiment towards nuclear power are of significant importance to HT as more nuclear plants will be in need of critical nuclear safety related spare parts. We are hopeful that this will lead to further orders in due course."
Enquiries:
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Avingtrans plc |
01354 692391 |
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Roger McDowell, Chairman Steve McQuillan, Chief Executive Officer Stephen King, Chief Financial Officer
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Singer Capital Markets (Nominated Adviser and Broker) |
02074 963000 |
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Shaun Dobson Alex Bond Oliver Platts Rachel Hayes
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IFC Advisory (Financial PR) |
020 3934 6630 |
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Graham Herring Tim Metcalfe Zach Cohen |
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About Avingtrans plc:
Avingtrans designs, manufactures and supplies original equipment, systems and associated aftermarket services to the energy, medical and industrial markets worldwide.
Business units
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Hayward Tyler - Luton & East Kilbride, UK and USA, China and India
Specialises in the design, manufacture and servicing of performance-critical motors and pumps for challenging environments.
Energy Steel, Inc - Rochester Hills, Michigan, USA
Energy Steel, part of the Engineered Pumps and Motors Division of Avingtrans plc, has been serving the nuclear power industry since 1982 with capabilities in equipment fabrication, material supply, precision machining, engineering, and repair services. Through strategic OEM partnerships, it also provides solutions for obsolete nuclear components and support for the most complex projects.
Stainless Metalcraft Ltd - Chatteris, UK and Chengdu, China
Provider of safety-critical equipment for the energy, medical, science and research communities, worldwide, specialising in precision pressure and vacuum vessels and associated fabrications, sub-assemblies and systems.
Booth Industries - Bolton, UK
Designs, manufactures, installs and services doors and walls which can be tailored to be: blast &explosion proof; fireproof; acoustically shielded; high security/safety; or combinations of the above
Ormandy Group, Bradford, UK
Design, manufacturers and servicing of off-site plant, heat exchangers and other HVAC (heating, ventilation and air conditioning) products
Composite Products Ltd - Buckingham, UK
Centre for composite technology, parts and assemblies, serving customers in industrial markets.
Magnetica Ltd - Brisbane, Australia
Magnetica Limited specialises in the development of next generation MRI technologies, including dedicated extremity MRI systems and MRI system components. Magnetica has successfully built and tested a compact, integrated 3 Tesla orthopaedic MRI system, demonstrating clinical-quality imaging. Commercialisation of this system (and others) is on-going. Magnetica's structure now includes two other business units:
Scientific Magnetics - Abingdon, UK
Designs and manufactures superconducting magnet systems and associated cryogenics for a variety of markets including MRI and provides services for Nuclear Magnetic Resonance instruments.
Tecmag Inc, Houston, USA
Designs, manufactures and installs instrumentation, including consoles, system upgrades, and probes, mainly for Magnetic Resonance Imaging (MRI) and Nuclear Magnetic Resonance (NMR) systems. |