- Industrial valve manufacturer Velan (TSX:VLN) has provided an update on how it is weathering the COVID-19 crisis
- The company is exempt from shutdowns in Canada and the US, due to its role in key sector supply chains
- Like many others, Velan has implemented safety protocols and procedures to protect employees and customers during the pandemic
- The company will continue to monitor the situation as it develops, and react accordingly
- Velan Inc (VLN) is down 0.22 per cent, and is currently trading for C$4.49 per share
Industrial valve manufacturer Velan (TSX:VLN) has released an update on how it is enduring the COVID-19 pandemic.
The company has customers in nuclear power plants, Navy aircraft carriers, refineries, and petrochemical and power plants. As such, it has a crucial role in supply chains of various key sectors, which are essential in many jurisdictions.
Therefore, Velan has been exempted from the recent wave of government-mandated business shut-downs caused by COVID-19. This will apply to the company’s operations in Canada in the US.
Like so many other companies, Velan has taken special precautions to ensure the safety of employees and customers. Implemented measures include working from home, screening visitors to the plant daily, social distancing at work, and heightened cleaning procedures.
Velan CEO, Yves Leduc, said the company’s focus is contributing to the global effort, protecting employees and their families, and continuing operations.
“We support governments, health authorities, and our customers in their efforts to maintain essential services during this crisis. Velan continues to monitor the rapidly evolving COVID-19 situation, and is coordinating responses across all of our global sites.
“We are carefully following safety guidelines introduced by governments and health authorities around the world, and have been proactively introducing best practices from one site across to others. I’m encouraged to see how our employees from around the world have come together to implement new safety measures and continue to support our customers’ needs.
“We hope that these measures are followed and bring us back to a normal work-and-life status soon,” he said.
Velan Inc (VLN) is down 0.22 per cent, and trading for $4.49 per share, as of 10:41am EST.