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December 6, 2005
Alcoa Takes Full Ownership in Tianjin Joint Venture
PITTSBURGH--(BUSINESS WIRE)--Dec. 6, 2005--Alcoa announced today that it has purchased the 30 percent interest in the Alcoa Closure Systems International (Tianjin) Co.,Ltd. joint venture currently owned by its partner China Suntrust Investment Group Co.,Ltd. The joint venture was established in 1994 to produce plastic closures for beverages.
Alcoa Closure Systems International (Tianjin) Co.,Ltd. is now a wholly owned foreign enterprise. CSI Tianjin received its new business license on November 24, 2005.
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 thirteen wholly owned and joint venture operating companies that provide innovative solutions for customers in all major markets. Products produced at our facilities in Qinghuangdao, Shanghai, Tianjin, Kunming and Hangzhou include foil, fasteners, automotive products, construction products, plastic closures and decorative sheet.
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 named one of the top three most sustainable corporations in the world at the World Economic Forum in Davos, Switzerland. More information can be found at www.alcoa.com