Pechiney and Nela Harbin (Heilongzian Province) have reached an agreement in principle to launch a joint venture in plates and sheets production for general engineering markets. The parties will launch a feasibility study regarding the establishment of a joint company, the upgrade of the present equipment in the existing plant or the construction of a new manufacturing unit. In both cases, the potential production could reach 50,000 t after four years. If a new plant was to be constructed, the total investment could amount to €250 million. Pechiney Rhenalu, a 100% subsidiary of Pechiney, will hold at least 51% and Nela Harbin a maximum of 49% interest in the proposed joint-venture project, subject to formal approval by the relevant Chinese authorities.
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