Jun 21 2005
Alcoa announced today that it has purchased the 40 percent interest in the Alcoa (Shanghai) Aluminum Products Ltd. joint venture currently owned by its partner Shanghai Light Industrial Equipment (Group) Company, Ltd. (SLIEC). Alcoa and SLIEC established the joint venture in 1995 to produce foil products primarily for pharmaceutical and other packaging applications in China. Terms of the deal were not disclosed.
Alcoa (Shanghai) Aluminum Products Ltd. will now be a wholly owned foreign enterprise and will continue to service customers throughout the Asia region.
Alcoa's presence in China began in 1993 with the creation of the Alcoa Asia Ltd. representative office in Beijing. Since then, Alcoa has established nine wholly owned and joint venture operating companies that provide innovative solutions for customers in all major markets. Products produced at our facilities in Shanghai, Tianjin, Kunming and Hangzhou include foil, fasteners, automotive products, construction products, plastic closures and decorative sheet. In addition, Alcoa is in the process of forming joint ventures with Chalco and CITIC that, when finalized, will enhance Alcoa's positions in the fastest growing aluminum market in the world.
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