By Cameron Chai
Alcoa and China Power Investment (CPI) have finalized a contract to form a joint venture company for manufacturing high-end fabricated aluminum products. These products are supplied for the China market.
This agreement was inked by Klaus Kleinfeld, Alcoa’s CEO and Chairman, and Lu Qizhou, CPI’s President, at the Great Hall of the People in Beijing. Mainly, Alcoa will own and supervise the new joint venture company, Shanghai-based Alcoa CPI (China) Aluminum Investment.
These two companies have signed a Letter of Intent during September 2011 in order to establish the new joint venture company.
Klaus stated that this joint venture company is an important milestone in the company’s partnership with CPI and will utilize the joint strengths in order to capture opportunities in the growing aluminum market in China. He added that this partnership will improve the competitiveness of Alcoa and position the business for constant commercial growth.
Lu Qizhou commented that CPI is happy to work with Alcoa for manufacturing high-end fabricated aluminum products in order to help the dynamic China market. The company is anticipating that this joint venture company may allow CPI to expand the potentiality to the fabricated market for improving competiveness and for serving clients.
This new joint venture will be a main high-end fabricated aluminum products manufacturer for the automotive, aerospace, consumer electronics, commercial transportation and packaging markets in China.