Avingtrans unit secures two Korean nuclear contracts

(Sharecast News) - Energy, medical and industrial system manufacturer Avingtrans announced on Monday that its Hayward Tyler unit has secured two new nuclear contracts worth $7m (£5.37m), to be completed before June 2023.

The AIM-traded firm said the contracts were with South Korean customer Korea Hydro & Nuclear Power.

It said the contracts would see it provide critical nuclear safety-related spare parts to reactors in South Korea for nuclear service cooling pumps.

Hayward Tyler had been an original equipment supplier of nuclear pumps and spare parts to the global nuclear industry, including Korea Hydro & Nuclear Power, for more than 50 years.

"Support to the global nuclear power industry continues to be a key part of the Hayward Tyler business," said Mike Turmelle, managing director of the engineered pumps and motor division.

"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."

Avingtrans said the two contracts were "strategically significant", and illustrative of the "strong momentum" Hayward Tyler was enjoying in the South Korean market, which it increasingly saw as a growing opportunity for the business.

"We are delighted to have been awarded these contracts in a key geography for Hayward Tyler," said Avingtrans chief executive officer Steve McQuillan.

"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."

At 1244 BST, shares in Avingtrans were down 0.32% at 461p.

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