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Alcoa Takes Full Ownership in Shanghai Joint Venture
PITTSBURGH--(BUSINESS WIRE)--June 20, 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.
Alcoa is the world's leading producer and manager of primary aluminum, fabricated aluminum and alumina facilities, and is active in all major aspects of the industry. Alcoa serves the aerospace, automotive, packaging, building and construction, commercial transportation and industrial markets, bringing design, engineering, production and other capabilities of Alcoa's businesses to customers. In addition to aluminum products and components, Alcoa also markets consumer brands including Reynolds Wrap(R) foils and plastic wraps, Alcoa(R) wheels, and Baco(R) household wraps. Among its other businesses are vinyl siding, closures, fastening systems, precision castings, and electrical distribution systems for cars and trucks. The company has 131,000 employees in 43 countries and has been a member of the Dow Jones Industrial Average for 45 years and the Dow Jones Sustainability Indexes since 2001. More information can be found at www.alcoa.com