Oslo, Norway-based Norsk Hydro ASA has signed a joint venture to operate a new Hydro Aluminum Extrusion unit in Wuxi, China. It is the company's first majority-owned operation in China.
The unit will start operating in the third quarter of 2000 and is a partnership with Chinese entrepreneur Zhou Fuhai, the leading domestic supplier of drawn tubes. Hydro Aluminum Wuxi will supply the automotive parts market in Asia with heat-transfer tubes.
The unit is 70% owned by Hydro Asia Pacific Pte. Ltd., Hydro's joint venture company with Singapore investment company Temasek Holdings. Fuhai owns the remaining 30%.
