Company:Arconic

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Short description: American industrial company
Arconic Corporation
TypePrivate
NYSE: ARNC
IndustryManufacturing
FoundedApril 1, 2020; 3 years ago (2020-04-01) in Pittsburgh, Pennsylvania[1]
Headquarters
Pittsburgh, Pennsylvania[2]
,
U.S.
Key people
Chris Ayers (CEO)
RevenueIncrease US$8.96 billion[3] (2022)
Increase US$−47 million[3] (2022)
Increase US$−182 million[3] (2022)
Total assetsDecrease US$6.02 billion[3] (2022)
Total equityDecrease US$1.36 billion[3] (2022)
OwnerApollo Global Management (2023–present)
Number of employees
11,550 (2022)[3]
Websitearconic.com

Arconic Corporation is an American industrial company specializing in lightweight metals engineering and manufacturing. Its products are used worldwide in aerospace, automotive, packaging, oil and gas, building and construction,[4] defense, commercial transportation, consumer electronics, and industrial applications.

On August 18, 2023, private equity firm Apollo Global Management completed the acquisition of Arconic.[5]

History

On November 1, 2016, Alcoa Inc. spun off its bauxite, alumina, and aluminium operations to a new company called Alcoa Corp.[6][7][8][9][10][11] After that, Alcoa Inc. was renamed Arconic Inc., keeping operations in aluminium rolling (excluding the Warrick operations), aluminium plate, precision castings, and aerospace and industrial fasteners.[9][10][11][12][13]

The company focuses on turning aluminium and other lightweight metals into engineered products such as turbine blades for sectors including aerospace and automotive.[14][15][16] It traded on the New York Stock Exchange under the ARNC ticker.[17][18][19]

On February 8, 2019, Arconic Inc. announced that it would split into two separate businesses.[20] Arconic Inc. would be renamed Howmet Aerospace Inc. and a new company, Arconic Corporation, would be set up and spun out tax free from Arconic Inc.[21] The new Arconic Corporation will be focused on rolled aluminium products and Howmet Aerospace on engineered products.[22] The separation was completed effective April 1, 2020.[1][23]

In May 2023, Apollo Global Management agreed to acquire Arconic in an all-cash deal worth $5.2 billion, including debt.[24] The purchase was completed in August.

Controversies

Grenfell Tower fire

In 2020, the official inquiry into the Grenfell Tower fire heard evidence that Arconic products had been installed on Grenfell Tower with Arconic's approval despite Arconic knowing at the time of installation that the product did not meet the required fire safety standards.[25][26] 72 people died in the fire.[27][28] However, several Arconic officials refused to co-operate with the inquiry.[27][29]

On 14th June, the fourth anniversary of the Grenfell fire, two activists from protest group Palestine Action staged a rooftop occupation of an Arconic factory in Kitts Green, Birmingham.[30] The group claimed that Arconic provide "materials for Israel's fighter jets".[30] The factory building was daubed in red paint and the Palestinian flag was waved. The occupation ended when both activists were arrested from the roof of the building two days later.[31]

References

  1. ↑ 1.0 1.1 "Arconic Inc. Board of Directors Approves Separation of Company" (in en). https://www.wsj.com/articles/PR-CO-20200206-908304. 
  2. ↑ "Arconic Inc. Current Report, Form 8-K, Filing Date May 17, 2019". SEC.gov. https://www.sec.gov/Archives/edgar/data/4281/000114420419027099/tv521955_8k.htm. 
  3. ↑ 3.0 3.1 3.2 3.3 3.4 3.5 "2022 Annual Report (Form 10-K)". SEC. 21 February 2023. https://www.sec.gov/ix?doc=/Archives/edgar/data/1790982/000179098223000006/arnc-20221231.htm. 
  4. ↑ Kirkpatrick, David D. (June 19, 2017). "U.K. Officials Said Material on Tower Was Banned. It Wasn't. - The New York Times". https://www.nytimes.com/2017/06/19/world/europe/uk-grenfell-tower-london-fire.html. "The material in the exterior cladding consisted of insulation sandwiched between two sheets of aluminum. The type used at Grenfell Tower is made under the Reynobond name by Arconic, a company spun off from the aluminum giant Alcoa last year." 
  5. ↑ "Arconic Completes Transaction with Apollo Funds" (in en-US). Arconic. https://www.arconic.com/-/arconic-completes-transaction-with-apollo-funds. 
  6. ↑ DIETZ, MARGREET. "While you were sleeping: UPDATED Oil report lifts US stocks". NBR. http://www.nbr.co.nz/article/while-you-were-sleeping-oil-report-lifts-mood-b-187463. 
  7. ↑ Stevenson, Abigail. "Cramer Remix: A surprising outlook for earnings". CNBC. https://www.cnbc.com/2016/04/11/cramer-remix-a-surprising-outlook-for-earnings.html. 
  8. ↑ Deaux, Joe. "One Down, Two to Go for Alcoa as S&P Signals No Junk for Arconic". Bloomberg. https://www.bloomberg.com/news/articles/2016-09-20/one-down-two-to-go-for-alcoa-as-s-p-signals-no-junk-for-arconic. 
  9. ↑ 9.0 9.1 "Alcoa Inc. Board of Directors Approves Separation of Company". Alcoa Inc.. http://news.alcoa.com/press-release/alcoa-inc-board-directors-approves-separation-company. 
  10. ↑ 10.0 10.1 "Arconic sells 60 percent stake in Alcoa for $890 million". Reuters. 15 February 2017. https://www.reuters.com/article/us-alcoa-corp-equity-arconic/arconic-sells-60-percent-stake-in-alcoa-for-890-million-idUSKBN15U1OY. 
  11. ↑ 11.0 11.1 Morgenson, Gretchen (19 May 2017). "Dubious Corporate Practices Get a Rubber Stamp From Big Investors". The New York Times. https://www.nytimes.com/2017/05/19/business/gretchen-morgenson-arconic-activist-investors.html?rref=collection%2Ftimestopic%2FAlcoa&action=click&contentCollection=business&region=stream&module=stream_unit&version=latest&contentPlacement=1&pgtype=collection. 
  12. ↑ MILLER, JOHN W.. "Alcoa Spinoff Arconic to Focus on Aerospace, Auto". Wall Street Journal. https://www.wsj.com/articles/alcoa-spinoff-arconic-to-focus-on-aerospace-auto-1458051297. 
  13. ↑ Hall, Jason (16 September 2016). "Alcoa Inc Takes Steps Forward in Plans to Split". The Motley Fool. http://www.fool.com/investing/2016/09/16/alcoa-inc-takes-steps-forward-in-plans-to-split.aspx. 
  14. ↑ Kinahan, JJ. "Alcoa Results Forecast to Drop Ahead of Company Split". Forbes. https://www.forbes.com/sites/jjkinahan/2016/04/11/alcoa-results-forecast-to-drop-ahead-of-company-split/#5c1ffd021f40. 
  15. ↑ Denning, Liam. "Alcoa's Long Division Problem". Bloomberg. https://www.bloomberg.com/gadfly/articles/2016-04-12/alcoa-earnings-murky-math-gives-it-a-long-division-problem. 
  16. ↑ Deaux, Joe. "Alcoa Processing Unit to Be Named 'Arconic' After Split". Bloomberg. https://www.bloomberg.com/news/articles/2016-03-15/alcoa-engineered-products-unit-to-be-named-arconic-after-split. 
  17. ↑ Mekeel, Tim. "Alcoa spinoff to be named Arconic, to include Manheim Pike plant". LancasterOnline. http://lancasteronline.com/business/local_business/alcoa-spinoff-to-be-named-arconic-to-include-manheim-pike/article_74a2393c-f032-11e5-bb7f-fb8ef064b469.html. 
  18. ↑ Boselovic, Len. "New Alcoa company christened Arconic". Pittsburgh Post-Gazette. http://www.post-gazette.com/business/pittsburgh-company-news/2016/03/16/New-Alcoa-company-christened-Arconic/stories/201603160036. 
  19. ↑ Hackett, Robert. "Meet Arconic: Alcoa's Spinoff Aerospace and Auto Firm". Fortune. http://fortune.com/2016/03/16/meet-arconic-alcoas-spinoff-aerospace-and-auto-firm/. 
  20. ↑ Cornell, Joe. "Arconic To Split Into Two Separate Companies" (in en). https://www.forbes.com/sites/joecornell/2019/02/14/arconic-to-split-into-two-separate-companies/. 
  21. ↑ "Arconic Consider Job Cuts Due to Boeing 737 MAX Production Halt". Jan 27, 2020. https://www.wsj.com/articles/arconic-considers-job-cuts-due-to-max-production-halt-11580152719. 
  22. ↑ Mericle, Julia (August 2, 2019). "Arconic is splitting into two: Here's what the new companies will be named". https://www.bizjournals.com/pittsburgh/news/2019/08/02/arconic-is-splitting-into-two-heres-what-the-new.html. 
  23. ↑ "Arconic completes split into two companies". https://www.bizjournals.com/pittsburgh/news/2020/03/31/arconic-completes-split-into-two-companies.html. 
  24. ↑ "Pittsburgh-based Arconic agrees to be acquired by private equity firm". Pittsburgh Post-Gazette. 4 May 2023. https://www.post-gazette.com/business/pittsburgh-company-news/2023/05/04/arconic-alcoa-apollo-acquisition-howmet/stories/202305040098. 
  25. ↑ "Grenfell cladding maker 'knew it fell below safety standard'". January 27, 2020. http://www.theguardian.com/uk-news/2020/jan/27/grenfell-tower-inquiry-companies-passing-the-buck-on-responsibility. 
  26. ↑ "Grenfell Tower suppliers knew their cladding would burn, inquiry told". November 9, 2020. http://www.theguardian.com/uk-news/2020/nov/09/grenfell-tower-suppliers-knew-their-cladding-would-burn-inquiry-told. 
  27. ↑ 27.0 27.1 Kirk, Tristan (November 6, 2020). "Do the right thing at Grenfell inquiry, cladding firm workers told". https://www.standard.co.uk/news/london/grenfell-inquiry-cladding-firm-workers-evidence-b51885.html. 
  28. ↑ Lowe, Tom; Rogers2020-11-10T06:00:00+00:00, Dave. "Suppliers had concerns their products would burn, Grenfell Inquiry told". https://www.building.co.uk/news/suppliers-had-concerns-their-products-would-burn-grenfell-inquiry-told/5108888.article. 
  29. ↑ "Grenfell inquiry: four Arconic employees refuse to give evidence". November 6, 2020. https://www.constructionnews.co.uk/health-and-safety/grenfell-inquiry-four-arconic-employees-refuse-to-give-evidence-06-11-2020/. 
  30. ↑ 30.0 30.1 Richardson, Andy; Perrin, Ben (2021-06-15). "Police at scene as protesters climb onto city factory roof" (in en). BirminghamLive. https://www.birminghammail.co.uk/news/midlands-news/live-updates-police-called-protesters-20808835. 
  31. ↑ LazenbyWednesday, Peter (2021-06-16). "Police 'violently' arrest Palestine Action protesters at factory in Birmingham" (in en). Morning Star. https://morningstaronline.co.uk/article/b/police-violently-arrests-arconic-protesters. 

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