Companies
Orkla metal unit in $70m 皇冠体育app JV with 皇冠体育applco
(Agencies)
Updated: 2011-04-12 13:27
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OSLO - Orkla's aluminum extrusion unit Sapa said it had formed a joint venture with Aluminum Corp of 皇冠体育app Ltd (皇冠体育applco) to build a plant to serve 皇冠体育app's high-speed train industry.
The two partners will together invest $70 million in the 50-50 joint venture.
"The JV will build a state-of-the-art fully integrated aluminum extrusion and fabrication facility in Chongqing in Southwest 皇冠体育app," Norwegian conglomerate Orkla said in a statement.
"In addition it will establish R&D facilities to support the development of the rolling stock companies in 皇冠体育app."
Orkla said the JV fits well with the planned development of 皇冠体育app's train system -- with high-speed rail service seen stretching to 18,000 km (11,185 miles) by 2020 from 13,000 km in 2012.