Crude Oil ( ) Brent Crude ( ) Natural Gas ( ) S&P 500 ( ) PHLX Oil ( )
 September 16, 2015 - 7:41 PM EDT
Print Email Article Font Down Font Up
Laker Energy Products sees strong future for nuclear in Ontario

Laker Energy Products sees strong future for nuclear in Ontario

Canada NewsWire

OAKVILLE, ON, Sept. 16, 2015 /CNW/ - Laker Energy Products held an open house to showcase the development of a second nuclear manufacturing facility in Oakville today, welcoming Former Senator and Governor of Indiana, Evan Bayh, the Hon. Bob Chiarelli, Ontario's Minister of Energy, and Burlington MPP, Eleanor McMahon.

Recognizing the continued expected role of nuclear power in Ontario's Long-Term Energy Plan, Laker recently purchased a 65,000 square foot nuclear manufacturing facility in Oakville to service both domestic and international nuclear markets.

"By investing several million dollars in our business through new innovative equipment, tooling and the space required to increase our production, we are confident in being the leader in components for the CANDU nuclear power industry," said Chris Hughes, President, Laker Energy Products.

The company, which has its head office and main manufacturing plant in Burlington, solely services the CANDU nuclear power sector, which has 19 operational reactors in Canada and more across the world. To handle orders for various ongoing plant life extension projects in Ontario over the next 15 years, as well as upcoming new-build projects in Argentina, Romania, China and the UK, Laker will use its new plant specifically to manufacture fuel channel end-fittings and liners, while tripling its machining capability and hiring an additional 40 staff.

"The economic ripple from Bruce Power and Ontario's nuclear sector extends across the province, including right here in Oakville," said the Hon. Bob Chiarelli, Minister of Energy. "The nuclear industry supports thousands of jobs and provides billions in investment across Ontario, while at the same time providing affordable electricity for families and businesses."

Hon. Kevin Flynn, MPP Oakville and Minister of Labour, said Ontario's nuclear industry not only provides affordable electricity but is a source of jobs, innovation and economic activity across the province. "I'm very proud of the leadership Laker Energy Products has shown to build a capability that will not only serve the domestic and international nuclear industry but create high-tech jobs in Oakville," said the Hon. Flynn.

Eleanor McMahon, MPP Burlington, shared in the excitement of the grand opening and recognized the positive economic impact nuclear has in Burlington and now Oakville. "It's great to see local companies like Laker Energy Products investing in our community and in our province as a consequence of their innovative approach," the MPP said. "The nuclear industry will continue to be a vital part of our province's economy, particularly with the planned refurbishment of both the Darlington and Bruce generating stations. Companies like Laker Energy Products are destined to play a critical role in this growing sector."

About Laker Energy
Founded in 1995, Laker Energy Products is a leading material organization supplying nuclear grade pipe, tubing, fittings, fasteners and other pressure retaining components to the CANDU® nuclear power industry. With both domestic and international customers, Laker Energy Products is a fully integrated, high-precision machining, assembly and testing company. Laker Energy Products' head office and manufacturing facility is in Burlington and has a second facility in Oakville, Ontario.

SOURCE Laker Energy Products

Chris Hughes at 905-332-3231Copyright CNW Group 2015

Source: Canada Newswire (September 16, 2015 - 7:41 PM EDT)

News by QuoteMedia