Alcoa, one of the producers of primary and fabricated aluminum, announced that it has signed a letter of intent (LOI) with China Power Investment (CPI), an integrated energy group, to establish a joint venture (JV) for producing high-end aluminum fabricated products in China. The new partnership will also leverage the existing capabilities of CPI and Alcoa.
The collaboration is a major step for the growth of both the companies. The new joint venture will operate many world-class facilities and will focus on development in the consumer electronics, packaging, aerospace and automotive markets in China. Recently, both the companies entered a Memorandum of Understanding (MOU) to work on projects in China and across the globe.
Klaus Kleinfeld, CEO of Alcoa, noted that the new venture will support the rapidly growing aluminum industry in China. The mutual collaboration to fabricate high-end aluminum products will positively contribute to the development of CPI and Alcoa. It also hastens the common efforts of both companies to grow forward.
For more than 120 years, Alcoa innovation has been benefited consumer electronics, commercial transportation, building and construction, packaging, automotive and aerospace markets. Alcoa specializes in forgings, hard alloy extrusions, flat-rolled products, building systems, fastening systems and precision and investment castings. In addition, the company has more expertise in light metals such as nickel-based super alloys and titanium.