The pair will establish a joint venture company called Alcoa CPI (China) Aluminum Investment Co. Ltd., which will be majority owned and managed by Alcoa and based in Shanghai.

The jv will manufacture products for the aerospace, automotive, commercial transportation, consumer electronics and packaging markets in China.

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, DC.