Malaysia's aluminum extrusion press, Press Metal plans to acquire a 90% stake in Hubei Huasheng Aluminum Power Co., Ltd. for 360 million yuan (US$46 million). Hubei Huasheng Aluminum Power Co., Ltd. has two subsidiaries, namely Huasheng Aluminum Plant and Huasheng Power Plant. The purpose of this acquisition by Press Metal is to ensure that its Press Metal International (PMI) facility in Guangzhou ensures raw materials (aluminium ingots) and electricity supply. Press Metal stated that through this acquisition, PMI will be able to ensure the supply of raw materials, reduce dependence on overseas suppliers, and reduce the risk of exchange rate changes. A spokesman for Press Metals said: Huasheng Aluminum has an annual capacity of 38,000 tons. PMI is currently in the process of expanding its own production capacity. By then, the annual production capacity will be increased from the current 21,000 tons to 43,000 tons.