Alcoa and China Power plan joint venture in China
Alcoa and China Power Investment Corp. will team up to make aluminum for a variety of uses in China, the companies said Wednesday.
The companies signed a letter of intent that provides a framework for a joint venture to service China's burgeoning auto, aerospace, packaging and consumer electronics industries. Alcoa and China Power signed a general agreement to work together when Chinese President Hu Jintao visited Washington D.C. earlier this year.
Terms of the joint venture were not disclosed.
Shares of Alcoa Inc. rose 15 cents to $11.78.
