A leading provider of vivid architectural products to suffice the requirements of automotive, aerospace, and different other sectors, Arconic Inc., has reportedly announced its separation into two standalone companies- Arconic Corporation, and Howmet Aerospace Inc.
The separation of Arconic Inc., took effect from 1st April via a pro rata distribution by the parent company. Of 100% of the outstanding shares of newly formed Arconic Corp., Arconic Inc’s., shareholders received one share of Arconic Corporation common stock for every four stakes of Arconic Inc.’s common share. Meanwhile, shares of Arconic Inc., have now become Howmet Aerospace Inc. shares considering the change of name.
Arconic Corporation has been launched as a leader in advanced aluminum sheet, extruded, plate and architectural products that are potentially used in the ground transportation, industrial, aerospace, packaging, and commercial building markets. It has been reported that the company’s common stock began trading on NYSE under the ticket ‘ARNC’ from April 1, 2020.
As per official sources, Arconic Corporation would be led by CEO Tim Myers, the former Executive Vice President and Group president of business segments that now constitute the newly formed standalone company. Moreover, the business segments under the supervision of Tim Myers generated an overall revenue of USD 7.3 billion in 2019.
Tim Myers cited that Arconic Corporation has been able to carve its name in being a leading provider of aluminum products innovations ever since the company was formed. Company’s exceptional portfolio of assets and people working with it have supported it to expand globally. He further adds that the company is grateful to its employees for their focus and dire commitment of keeping each other safe along with serving the customers at every point of time.
On the other hand, Howmet Aerospace, previously known as Arconic Inc., is expected to be led by John Plant, former CEO of Arconic Inc., and Tolga Oal, former president of company’s engineered structures business unit, as the co-CEOs. Howmet Aerospace is estimated to include equipment like fastening systems, engine components, engineered structures, and forged aluminum wheels to address the needs of consumers worldwide.