Alcoa and CPI to establish China JV for high-end fabricated aluminum products; aerospace, automotive, commercial transportation, consumer electronics and packaging markets
Alcoa and China Power Investment Corporation (CPI) have finalized an agreement to establish a joint venture company to produce high-end fabricated aluminum products for the China market. The two partners had signed a Letter of Intent in September 2011. The new joint venture company, Alcoa CPI (China) Aluminum Investment Co. Ltd., will be majority owned and managed by Alcoa and based in Shanghai.
The joint venture company will manufacture fabricated aluminum products for the aerospace, automotive, commercial transportation, consumer electronics and packaging markets. Terms of the agreement were not disclosed.
The relationship between Alcoa and CPI was formalized in January 2011, when the two companies signed a Memorandum of Understanding for cooperation on projects in China and around the world during Chinese President Hu Jintao’s State visit to Washington, D.C.
Among the solutions Alcoa markets are flat-rolled products, hard alloy extrusions, and forgings, as well as Alcoa wheels, fastening systems, precision and investment castings, and building systems in addition to its expertise in other light metals such as titanium and nickel-based super alloys.
China Power Investment Corporation (CPI) is one of the five Gencos in China and a comprehensive energy group integrating industries of power, coal, aluminum, railway and port. It is the only enterprise in China possessing assets in hydropower, thermal power, nuclear power and new energies at the same time, and is one of the three companies in China that are authorized to develop, build and operate nuclear power plants. By the end of 2011, CPI had installed capacity of 76.8GW, of which 17.95GW was hydropower, which ranked first among the five Gencos.