China Power Investment and Alcoa sign high-end aluminum processing joint venture agreement

On February 21st, China Power Investment Corporation and Alcoa reached a definitive agreement to establish a joint venture company, Alcoa China Investment (China) Aluminum Investment Co., Ltd. to produce high-end aluminum processing products for the Chinese market. On the same day, Lu Qizhou, general manager of China Power Investment Group, signed an agreement with Alcoa chairman and chief executive Ke Fude in Beijing. US Ambassador to China Gary Locke attended the signing ceremony.

The joint venture company will be based in Shanghai and Alcoa will operate as a major shareholder management joint venture company.

Lu Qizhou pointed out: "The CPI Group is pleased to cooperate with the global aluminum industry leaders to jointly produce high-end aluminum processing products to serve the fast-growing and rapidly changing market in China. We believe that the establishment of the joint venture company will enable the CLP Group to expand its capabilities to Aluminum processing field, thus enhancing our competitiveness and better serving our customers."

“This marks a major progress in our cooperation with China Power Investment Group, which means that both parties will concentrate on capturing the opportunities in the high-growth Chinese aluminum market,” Kofied said. “This kind of cooperation will enhance the competitiveness of Alcoa and further Our business is positioned to sustain the growth of profitability."

The joint venture company will strive to become a leader in producing high-end aluminum processing products for China's aerospace, automotive, commercial transportation, consumer electronics and packaging markets.