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A Chinese Aluminum Company's Learning Curve in the US Market Paulson Papers on Investment Case Study Series A Chinese Aluminum Company’s Learning Curve in the US Market October 2013 Paulson Papers on Investment Case Study Series Preface or decades, bilateral investment sectors, such as agribusiness or has flowed predominantly from manufacturing—to identify tangible Fthe United States to China. But opportunities, examine constraints Chinese investments in the United and obstacles, and ultimately fashion States have expanded considerably in sensible investment models. recent years, and this proliferation of direct investments has, in turn, sparked Most of the papers in this Investment new debates about the future of US- series look ahead. For example, our China economic relations. agribusiness papers examine trends in the global food system and specific US Unlike bond holdings, which can be and Chinese comparative advantages. bought or sold throaugh a quick paper They propose prospective investment transaction, direct investments involve models. people, plants, and other assets. They are a vote of confidence in another But even as we look ahead, we also country’s economic system since they aim to look backward, drawing lessons take time both to establish and unwind. from past successes and failures. And that is the purpose of the case studies, The Paulson Papers on Investment aim as distinct from the other papers in this to look at the underlying economics— series. Some Chinese investments in and politics—of these cross-border the United States have succeeded. They investments between the United States created or saved jobs, or have proved and China. beneficial in other ways. Other Chinese investments have failed: revenue sank, Many observers debate the economic, companies shed jobs, and, in some political, and national security cases, businesses closed. In this sense, implications of such investments. But past investments offer a rich set of the debates are, too often, generic or lessons to learn. take place at 100,000 feet. Investment opportunities are much discussed by Damien Ma, Fellow of The Paulson Americans and Chinese in the abstract Institute, directs the case study project. but these discussions are not always anchored in the underlying economics For this case study of Nanshan or a realistic investment case. Aluminum’s Indiana investment, we are extremely grateful to Amber Yang, The goal of the Paulson Papers on a recent University of Chicago Masters Investment is to dive deep into various graduate, for her research assistance, A Chinese Aluminum Company’s Learning Curve in the US Market Paulson Papers on Investment Case Study Series intrepid fieldwork in Indiana, and They aim to reflect a best enthusiasm for the project. reconstruction of the case. But they may have gaps and other Case studies are reconstructed on the inadequacies where the record is basis of the public record, personal incomplete, facts are murky, or interviews with participants, and players chose not to share their journalistic accounts. views. Cover Photo: Reuters A Chinese Aluminum Company’s Learning Curve in the US Market Paulson Papers on Investment Case Study Series Timeline 1980s As China’s reforms begin, the No. 3 Brigade of Qiansong Village, Longkou, Shandong province is organized into a “township and village enterprise” (TVE). 1987 Founder Song Zuowen convinces more brigades to join the TVE, building it into a more substantial enterprise. 1989 The No. 3 Brigade formally establishes Nanshan Group. 1993 Nanshan Group creates a core subsidiary in the aluminum business, Shandong Nanshan Aluminum Company (“Nanshan Aluminum”). 2001 As part of its expansion, Nanshan Group incorporates three-dozen new villages and begins to expand significantly on the back of China’s investment boom. 2007 Nanshan Aluminum establishes a small sales office in the United States to liaise with the China-based parent company and scope out the US market. 2009- Nanshan Aluminum supplies China’s high-speed rail projects with train profiles 2010 and seriously considers investing in a plant in the United States. 2011 Nanshan makes its final decision to purchase a site in Lafayette, Indiana to build an aluminum extrusion plant. Plant approvals are finalized and construction commences in May. 2012 Parts of the plant become operational. 2013 Main section of the plant is fully completed and its first press line begins operating in May. A Chinese Aluminum Company’s Learning Curve in the US Market Paulson Papers on Investment Case Study Series Players United States NAAAT Nanshan America Advanced Alumnium Technology, an Indiana-based US subsidiary of Nanshan Group. IEDC Indiana Economic Development Corporation, Indiana’s lead economic development agency, created by Governor Mitch Daniels in February 2005 as a public-private partnership to replace the former state Department of Commerce. City of Lafayette, Indiana County seat of Tippecanoe County and home of Purdue University. Greater Lafayette Commerce Established in 2006 through the consolidation of several autonomous community-based economic development organizations serving the city. Tippecanoe County, Indiana Located northwest of the state capital, Indianpolis. Shiel Sexton Indianapolis-based contractor handling Nanshan’s plant construction in Lafayette. China No. 3 Brigade, Qiansong Village Township and Village Enterprise and forerunner to Nanshan Group. Led by Song Zuowen and located in Longkou, Shandong province, the brigade eventually incorporates thirty-six other villages. Nanshan Group Private diversified conglomerate in Shandong province. Nanshan Aluminum Core aluminum business of Nanshan Group. A Chinese Aluminum Company’s Learning Curve in the US Market Paulson Papers on Investment Case Study Series CNR China North Locomotive and Rolling Stock Industry Corporation, a central state-owned enterprise (SOE) under the State-Owned Assets Supervision Administration Commission (SASAC). CSR China South Locomotive and Rolling Stock Industry Corporation. A central SOE under SASAC created in 2002, it is the world’s largest manufacturer of electric locomotives. A Chinese Aluminum Company’s Learning Curve in the US Market Paulson Papers on Investment Case Study Series Introduction n late 2012, a 600,000-square-foot, much recent Chinese investment $160 million aluminum extrusion activity in the United States. Indeed, Ifacility commenced operations in they have been less susceptible to the Lafayette, Indiana. Owned by a Chinese controversies that have surrounded company, Nanshan Group, the project many US-bound Chinese deals. That is took approximately two and a half years because greenfield investments involve from inception to launch of production people, plants, assets, and ultimately and marked the first greenfield American jobs in tangible ways that local investment by a major Chinese metals communities can touch and feel. producer in the US market. But that is not the whole story. Nanshan considered the investment to be a strategic venture, not simply a As Nanshan quickly discovered, even a commercial one aimed at generating company that puts down roots, creates quick profits. And jobs, and breaks it settled on a ground on a new heartland state— manufacturing Indiana—that was facility faces a eager to attract learning curve— and accommodate sometimes a very foreign investment, steep one—as it part of a wave seeks to compete of traditional US and adapt to the US manufacturing market once its deal states that had is done. aggressively courted Photo: Flickr/Mark Goebel investments from Asia. For these Nanshan was one such Chinese reasons, the Nanshan case offers a company. It had to learn before it could useful lens through which to examine hope to prosper. the broader phenomenon of Chinese greenfield investment in the United For one thing, Nanshan has been States. forced to learn how to compete in one of the world’s most technologically Greenfield investments are, to be advanced markets. A second lesson sure, more straightforward than the has been that generous purse strings complex mergers and acquisitions do not automatically yield success. (M&A) that have characterized so Finally, and perhaps most important, A Chinese Aluminum Company’s Learning Curve in the US Market 1 Paulson Papers on Investment Case Study Series Nanshan has learned a great deal • How local government cooperation about US management and human and incentives—for example, at resources practices, not just about US the US municipal and state levels— technologies. shape Chinese choices as firms weigh whether and where to make These three intertwined lessons investments in tangible job-creating have yielded feedback loops that, assets. ultimately, influenced the parent firm’s • How investing in a physical plant in management, operations, and training the United States is merely a first practices back in China. step. Chinese investors, even when they make greenfield investments, The Nanshan case illustrates: must eventually grapple with post-project management, the • How a decision to enter high- need to sustain services, and the end overseas market segments importance of making continuous to generate higher returns can investments in innovation if they drive a Chinese company to are to compete and prosper in the proactively improve its products and United States. competitiveness in the home market. • How personnel choices matter. • How retaining US workers and Picking a Chinese national to lead professionals helps a Chinese a company’s US operations works business assimilate training best if that individual is innately
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