Velan Reports Two New Overseas Joint Ventures
Velan Inc. has entered into a purchase agreement with an investment of
about $6.5 million for a 75% interest in a European manufacturer of valves for
nuclear and process applications. Current management will continue to hold the
remaining 25%.
The second arrangement is a letter of intent for an investment by the company’s 50% owned Italian joint venture, Velan Srl, of about $1.1 million for a 67% interest in a greenfield manufacturing plant located in China. The joint venture’s partner is a local valve manufacturer. The plant will produce primarily API 6D pipeline valves and components, and is expected to be operational in the first half of calendar year 2008.
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