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KAISER ALUMINUM, FURUKAWA ELECTRIC, AND ITOCHU FORM TOKYO-BASED FORGED PRODUCTS COMPANY

 PLEASANTON, Calif., Aug. 11 /PRNewswire/ -- Kaiser Aluminum & Chemical Corp., The Furukawa Electric Co., Ltd., and Itochu Corp. have finalized a joint venture agreement to form Furukawa Kaiser Forged Products Co., a Tokyo-based enterprise that will serve the Japanese ground transportation industry and other selected Asian markets. This follows up on a letter of intent which was announced May 24.
 The joint venture will develop, design and market cast and forged aluminum structural parts manufactured by Kaiser at its facilities in the United States and by Furukawa at its facilities in Japan. Furukawa and Kaiser each will hold 47.5 percent of Furukawa Kaiser Forged Products Company, and Itochu will hold 5 percent. Directors, management personnel, and services will be provided by all three partners. The new company will be based at Furukawa headquarters, located at 6-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo.
 One of the world's leading aluminum companies, Kaiser Aluminum & Chemical Corp. is the operating subsidiary of Houston-based Kaiser Aluminum Corp. (NYSE: KLU), which is 68 percent-owned by MAXXAM Inc. (AMEX: MXM). The Furukawa Electric Co., Ltd., is one of Japan's largest integrated manufacturers of copper, aluminum, and other nonferrous metal products. Itochu Corporation is a worldwide trading company based in Japan.
 -0- 8/11/93
 /CONTACT: Elizabeth Simon of Kaiser Aluminum & Chemical, 510-847-5880/
 (KLU MXM)


CO: Kaiser Aluminum & Chemical Corp.; Kaiser Aluminum Corp.; MAXXAM
 Inc.; Itochu Corp.; Furukawa Electric Co. Ltd.; Kaiser Forged
 Products Co. ST: California IN: MNG TRN SU: JVN


TM -- SF010 -- 1764 08/11/93 14:45 EDT
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Publication:PR Newswire
Date:Aug 11, 1993
Words:251
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