Alcoa Inc. And CPI Finalize Agreement to Establish Joint Venture Company To Produce High-End Fabricated Aluminum Products

Alcoa Inc. and China Power Investment Corporation (CPI) announced that they have finalized an agreement to establish a joint venture company to produce high-end fabricated aluminum products for the China market. Alcoa Chairman and CEO Klaus Kleinfeld and CPI President Lu Qizhou signed the agreement today in Beijing at the Great Hall of the People. Also attending the signing ceremony was U.S. ambassador to China Gary Locke. The new joint venture company, Alcoa CPI (China) Aluminum Investment Co. Ltd., will be majority owned and managed by Alcoa and based in Shanghai. Today's announcement is the outcome of a Letter of Intent between the two companies signed in September 2011 to form the joint venture company. The joint venture company will serve as a leading manufacturer of high-end fabricated aluminum products for the aerospace, automotive, commercial transportation, consumer electronics and packaging markets in China. Terms of the agreement were not disclosed. The relationship between Alcoa and CPI was formalized in January 2011, when the two companies signed a Memorandum of Understanding for cooperation on projects in China and around the world during Chinese President's Hu Jintao's State visit to Washington, D.C.