Arconic Sells Russian Operations
By Metal Center News Staff
on Nov 15, 2022
Arconic Corp., Pittsburgh, has sold 100 percent of its Russian operations to Promishlennie Investitsii LLC, the majority owner of VSMPO-AVISMA Corporation in Samara. The deal was valued at $230 million.
“The assets of our Russian business have been restricted since prior to our emergence as a standalone company in April 2020. Operating in Russia only became more difficult and our ability to operate going forward became increasingly uncertain in light of the current geopolitical environment,” said Tim Myers, CEO.
Arconic announced plans to sell its Russian operations in May, a few months after Russia’s invasion of its neighbor. Arconic previously paused all new contracts in response to the war.