Rio Tinto PLC (NYSE: RTP) reported Monday that the company is beginning a joint venture with a Chinese auto parts company to build automotive components in China, the company said Monday.
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Alcan Engineered & Automotive Solutions signed a deal with Changchun Engley Automobile Parts Co. to create a new company based in the northeastern Chinese city of Changchun, according to Associated Press.
The new company, Alcan Engley Automotive Structures Co., will also open a manufacturing plant near Shanghai.
Alcan Engley will produce crash management systems, instrument panel beams and other modules for Chinese automakers, Alcan said.
Alcan Automotive will be the majority shareholder and said it expects to start supplying products in late 2009.
Rio Tinto's U.S. shares rose $6.38, or 4 percent, to $167.26 in afternoon trading.
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