Alcoa Completes Aluminum Foil Joint Venture in China.PITTSBURGH--(BUSINESS WIRE)--May 12, 1995--Alcoa completed formation of its first aluminum-rolling joint venture in China yesterday with the Shanghai Shanghai (shăng`hī`, shäng`hī`), city (1994 est. pop. 12,980,000), in, but independent of, Jiangsu prov., E China, on the Huangpu (Whangpoo) River where it flows into the Chang (Yangtze) estuary. Aluminum Fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. Plant (SAFP SAFP Sistema Andino de Franjas de Precios (Spanish) SAFP Swiss Association of Football Players (Switzerland) SAFP Society of Air Force Pharmacists ), Alcoa Alcoa U.S. company, the world's largest producer of aluminum. Established in Pittsburgh, Pa., in 1888, it adopted the name Aluminum Co. of America in 1907. Alcoa introduced aluminum foil in 1910 and found uses for aluminum in the emerging aviation and automobile industries. Chairman Paul H. O'Neill reported to shareholders at the company's annual meeting here today. The joint venture, named Alcoa Shanghai Aluminum Products Company, is Alcoa's second in China. Alcoa also is part of Asian-American Packaging Systems, Co. Ltd. in Tianjin that manufactures closures for beverage containers. The new joint venture, which is 60 percent owned by Alcoa and 40 percent by SAFP, has acquired and will operate an existing aluminum foil Noun 1. aluminum foil - foil made of aluminum aluminium foil, tin foil foil - a piece of thin and flexible sheet metal; "the photographic film was wrapped in foil" and foil-laminating plant in Shanghai. Initial investment is about $30 million, with Alcoa's share being in the form of technology assistance and cash. The current mill is caster-based and is capable of producing about 9,500 metric tons (mt) of foil a year. Mr. O'Neill said the use of technology for rolling ultra-light gauge foil developed by Alcoa Aluminio in Brazil, and the addition of a second caster will boost annual output to over 18,000 mt within five years. The plant has about 330 employees and annual revenues are expected to reach approximately $60 million within three years. Most of the foil produced will be used in the Chinese packaging market. CONTACT: Alcoa, Pittsburgh A. T. Posti, 412/553-4465 |
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