Shanghai JV buy out

News

Alcoa has purchased the 40% interest in the Alcoa (Shanghai) Aluminum Products joint venture currently owned by its partner Shanghai Light Industrial Equipment.

has purchased the 40% interest in the Alcoa (

) Aluminum Products joint venture currently owned by its partner Shanghai Light Industrial Equipment (SLIEC). Terms of the deal were not disclosed.

Alcoa and SLIEC established the joint venture in 1995 to produce foil products primarily for pharmaceutical and other packaging applications in China.

Alcoa (Shanghai) Aluminum Products 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 representative office in Beijing. Since then, Alcoa has established nine wholly owned and joint venture operating companies. Currently, the company is in the process of forming joint ventures in the region with Chalco and CITIC.

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