Alcoa Takes Full Ownership in Shanghai Joint Venture.PITTSBURGH -- 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 fasteners In construction, connectors between structural members. Bolted connections are used when it is necessary to fasten two elements tightly together, especially to resist shear and bending, as in column and beam connections. , automotive products, construction products, plastic closures and decorative sheet. In addition, Alcoa is in the process of forming joint ventures with Chalco and CITIC CITIC China International Trust and Investment Corporation 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 fab·ri·cate tr.v. fab·ri·cat·ed, fab·ri·cat·ing, fab·ri·cates 1. To make; create. 2. To construct by combining or assembling diverse, typically standardized parts: aluminum and alumina alumina (əl  `mĭnə) or aluminum oxide, Al2O3, chemical compound with m.p. about 2,000°C; and sp. gr. about 4.0. 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 Wikipedia is not the place for advertisement or self-advertising. Vinyl siding, first introduced to the exterior cladding market in the late 1950s, is an alternative to aluminum siding, fiber cement siding, and timber 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 Dow Jones Industrial AverageThe best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. for 45 years and the Dow Jones Dow Jones the best known of several U.S. indexes of movements in price on Wall Street. [Am. Hist.: Payton, 202] See : Finance Sustainability Indexes since 2001. More information can be found at www.alcoa.com |
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