EnglishChinese company "Henan Zhongfu Industrial" Co. Ltd., a subsidiary of Dutch group "Vimetco" NV - owner of "Alro" Slatina, will enter a joint venture with "Chalco Henan Aluminium Fabrication" Co. Ltd., part of the "Chalco" group - the largest aluminum manufacturer in China.
The new company, - "Henan Zhongfu Specialized Aluminum Product" Co. Ltd., will have a share capital of RMB 769 million (EUR 82 million), with "Chalco", of which Chalco Henan Aluminum Fabrication Co. will make a cash contribution of RMB 200 million, representing 26% of the registered capital of the joint venture. Vimetco, via Henan Zhongfu will own 74% of the partnership, comprising production facilities, inventories and other assets valued at a total of approximately RMB 464 million, as well as contribute RMB 105 million in cash.
"Henan Zhongfu Aluminum Product" is looking to consolidate the market position of "Henan Zhongfu Industrial" and "Chalco Henan Aluminium Fabrication".
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