September 16, 2008
Areva and Shanghai Electric Sign New Partnership Agreement
Areva and Shanghai Electric have signed a new partnership agreement complementing the existing joint venture between the two companies, which already comprises a 50-50 owned power transformer factory located in Shanghai.
Through the new partnership, both parties have agreed to build two new transformer manufacturing sites to be located in Wuhan (Hubei Province, eastern China) and Lingang (Shanghai area) that will begin production in 2009.It is reported that these entities will enable Areva and Shanghai Electric to triple their power transformer production capacity in China. These factories will also become the benchmark in terms of technology and environmentally friendly standards, said Areva.
Philippe Guillemot, chairman and CEO of Areva's transmission and distribution division, said: "Our joint venture with Shanghai Electric is a strategic move towards supporting China's ambition to build an advanced ultra high-voltage power network throughout the country."