In The News
Arconic Launches as Strong Standalone Company: Global Leader in Multi-Materials Innovation, Precision Engineering and Advanced Manufacturing
NEW YORK–(BUSINESS WIRE)–Arconic Inc. (NYSE: ARNC) launches today as a global leader in multi-materials innovation, precision engineering and advanced manufacturing, strongly positioned in attractive markets. The Company begins trading today on the New York Stock Exchange (NYSE) under the ticker “ARNC.”
In 2015, the businesses that today comprise Arconic recorded revenues of approximately $12.5 billion. Of this, approximately 65 percent derived from markets characterized by secular growth and compelling margins, including aerospace and automotive; the balance – 35 percent – was from markets with solid growth and attractive margins, such as specialty and industrial products, and building and construction.
The separation of Alcoa Inc. into two standalone companies – Arconic Inc. and Alcoa Corporation – took effect today through a pro rata distribution by Arconic Inc. of 80.1 percent of the outstanding shares of the newly-formed Alcoa Corporation. Alcoa Inc. shareholders receive one share of Alcoa Corporation common stock for every three shares of Alcoa Inc. common stock held as of the record date of October 20, 2016. Alcoa Inc. shareholders also retain their shares of Alcoa Inc., which become Arconic Inc. shares.
“Today we launch Arconic as a strong independent company,” said Arconic Chairman and CEO Klaus Kleinfeld. “Our multi-year transformation while part of Alcoa Inc. substantially improved our competitiveness and profitability. Today, we are very well positioned as a leader in attractive markets. Our culture combines driving innovation with a relentless focus on operational excellence and cost control; this positions Arconic to create significant value for our customers and profitable growth for our shareholders.” more