The two have formed a joint venture and signed a Letter of Intent which will focus on producing high-end fabricated aluminum products in China and leverage Alcoa and CPI’s existing capabilities.

The new joint venture’s facilities will be well positioned to capture growth in the Chinese automotive, aerospace, packaging and consumer electronics markets.

The two companies signed a Memorandum of Understanding for cooperation on projects in China and around the world during Chinese President Hu’s state visit to Washington, DC, earlier this year.