Avingtrans Plc (LON:AVG), which designs, manufactures and supplies critical components, modules, systems and associated services to the energy, medical and industrial sectors, has announced that its US-based subsidiary, Hayward Tyler Inc., has secured two new nuclear contracts with a combined value of over $16m from long-term existing customer Korea Hydro & Nuclear Power (KHNP).
The first contract covers the supply of complete safety-related pumps for nuclear reactors in South Korea. The second contract involves the provision of a range of performance-critical spare parts to KHNP. Both contracts will be manufactured at Hayward Tyler’s facility in Colchester, Vermont, with completion and delivery expected by the end of FY27.
Revenue from the Contracts will predominantly be weighted towards FY27 with a portion of value helping to underpin FY26 forecasts.
Duncan Morgan, Group Managing Director of Hayward Tyler, commented: “These contracts are strategically significant for our business and illustrate the strong momentum we are enjoying in the South Korean market, which is a growing opportunity for us. As an original equipment supplier of nuclear pumps and spare parts to the global nuclear industry for over 50 years, the nuclear power industry is a key part of our operations. We are proud to be part of an essential supply chain that ensures the reliability and safety of nuclear systems worldwide, and we hope these new contracts will lead to further South Korean orders in due course.”
Austen Adams, Managing Director of Avingtrans’ Advanced Engineering Systems division added: “We are pleased to have been awarded these contracts in what is a key geography for Hayward Tyler. Both the new political environment in South Korea and renewed global sentiment towards nuclear power are strategically important to our business, as demand for critical nuclear safety systems and related spare parts and services grows worldwide. With its strong heritage in the sector, and proven track record across highly regulated, performance-critical industries, Hayward Tyler is well placed to support global nuclear operations with parts, units, service and technical expertise delivered by our experienced, in-house team and leading nuclear quality programme.”
