Sulzer signs joint venture agreement with China Huadian Corporation for the service of gas turbines

Strengthening customer partnership in China

Winterthur, (PresseBox) - On March 7, 2014, Sulzer signed an agreement to form a joint venture with China Huadian Corporation for the service of gas turbines including field service, component repair, and delivery of new capital parts. The new joint venture will operate under the name of Hua Rui (Jiangsu) Gas Turbine Services Co., Ltd. For Sulzer, this is a unique opportunity to become a major player for rotating equipment service in China's power market.

China Huadian Corporation is the leading developer of gas turbine fleets in China. China Huadian Corporation runs a diversified fleet, including units from different OEMs (original equipment manufacturers) and has been looking for a partner to help to provide fast and flexible service for its gas turbines. Seeking a single-point solution, China Huadian Corporation decided to work with Sulzer- the leading provider of services for rotating equipment-to get all services from a single source.

Sulzer will provide field service, maintenance, and overhaul services for the gas turbines. As a leading specialist in component repair and component manufacturing, Sulzer will also contribute services and its expertise in how to extend the lifetime of the equipment from its competence center in Venlo, Netherlands.

China Huadian Corporation is one of the "Big 5" Chinese utilities and, as such, currently operates the largest installed fleet of modern heavy-duty gas turbines in China. Through this partnership, Sulzer will benefit from an increased demand for its repair services, technical support services, and parts for the gas turbine fleet of China Huadian Corporation via the joint venture.

With China Huadian Corporation as its partner, Sulzer will have a unique opportunity to become a major player in China's power market for the service of rotating equipment.

About China Huadian Corporation

China Huadian Corporation (CHD) is a wholly state-owned enterprise established at the end of 2002 with a registered capital of RMB 12 billion. CHD's main businesses are generation and supply of electricity and heat, development of power-related primary energy such as coal and supply of pertinent technological service.

This document may contain forward-looking statements including, but not limited to, projections of financial developments, market activity, or future performance of products and solutions containing risks and uncertainties. These forward-looking statements are subject to change based on known or unknown risks and various other factors that could cause actual results or performance to differ materially from the statements made herein.

Sulzer AG

Sulzer, headquartered in Winterthur, Switzerland, since 1834, specializes in pumping solutions, rotating equipment maintenance and services as well as separation, reaction, and mixing technology. The company is a leading provider in its key markets: oil and gas, power, and water. Sulzer serves clients around the world through a network of over 150 production and service sites, and it has a strong footprint in emerging markets. In 2013, the company achieved sales of over CHF 3.2 billion with around 15 000 employees.

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