Hydro Establishes Facility in China
Norsk Hydro ASA in Norway has signed a joint venture agreement to operate a new Hydro Aluminum Extrusion unit in Wuxi, China. Hydro Aluminum Wuxi is a joint venture with Chinese entrepreneur Zhou Fuhai. The new facility will supply the automotive parts market in China and throughout Asia with heat transfer tubes. The facility is 70% owned by Hydro Asia Pacific Pte. Ltd., Hydro's joint venture company with Singapore's investment company Temasek Holdings. Fuhai owns the remaining 30% of the company.