Arconic Split to Become Effective April 1
By Metal Center News Staff
on Feb 6, 2020
The board of directors of Arconic Inc. has approved the separation of the company into two independent, publicly traded entities. The separation is scheduled to become effective on April 1, 2020 before the opening of the New York Stock Exchange.
The Global Rolled Products businesses, which includes global rolled products, aluminum extrusions and building and construction systems, will be held by a new company. The company will be renamed Arconic Corporation at separation and intends to list its common stock on the New York Stock Exchange under the symbol ARNC.
Arconic Corporation will be a globally competitive aluminum products company, centered on rolled products, extrusions, and architectural products and systems. Its businesses will primarily serve the ground transportation, aerospace, building and construction, industrial, and packaging end-markets.
The Engineered Products and Forgings businesses, which encompasses engine products, fastening systems, engineered structures and forged wheels, will remain in the existing company, which will be renamed Howmet Aerospace Inc. and change its stock ticker from ARNC to HWM” in connection with the separation.
Timothy D. Myers will serve as Arconic Corp. CEO. The Arconic Inc. board has also named new directors to the Arconic Corporation and Howmet Aerospace boards.