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April 10, 2006
Alcoa Acquires 70% Stake in Aluminum Brazing Sheet Facility in China As Part of Growth Strategy in China
NEW YORK & SHANGHAI, China--(BUSINESS WIRE)--April 10, 2006--Alcoa (NYSE:AA) announced today that it has formed a joint venture with Shanxi Yuncheng Engraving Group of China to produce aluminum brazing sheet in Kunshan City, China, near Shanghai. The total investment is more than $95 million. Alcoa will be managing partner in the venture, holding a 70% interest with the remaining shares held by Shanxi Yuncheng Engraving Group.
The venture is part of Alcoa's global flat-rolled products strategy to provide customers with a common portfolio of products worldwide supplied by regional manufacturing assets. This investment will give Alcoa the ability to supply up to 50,000 mtpy of aluminum brazing sheet primarily to automotive customers serving the Asian market. The capability will complement Alcoa's existing brazing sheet production centers in Lancaster, Pennsylvania, USA, and Kofem, Hungary.
"Alcoa invests where we create value for our customers, markets, applications and technology. This venture deepens our investment in expanding our flat-rolled products capabilities globally and increases our manufacturing flexibility and productivity. It builds on our proven competencies and technology and project management skills that have enabled us to be a leader in the aluminum industry," said Alain Belda, Alcoa Chairman and CEO.
This is Alcoa's third flat-rolled products facility in China. Last year, Alcoa and partner, China International Trust & Investment (CITIC), inaugurated a new joint venture to produce value added aluminum rolled products at Alcoa Bohai Aluminum Industries Company Ltd., in Qinghuangdao, China. Alcoa also took full ownership of Alcoa (Shanghai) Aluminum Products Ltd. from its joint venture partner SLIEC.
About Shanxi Yuncheng Engraving Group of China
Shanxi Yuncheng Engraving Group of China is specialized in the engraving business. It is China's top manufacturer of concave printing and embossing version rollers. It has more than 30 factories in China and plants in 10 other countries.
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 129,000 employees in 42 countries and has been named one of the top most sustainable corporations in the world at the World Economic Forum in Davos, Switzerland. More information can be found at www.alcoa.com