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Arconic is a company created by Alcoa Inc.’s separation into two independent, [[Public company|publicly]] traded companies in the second half of 2016. Alcoa Inc. spun off its bauxite, alumina, and aluminum operations to a new company called [[Alcoa|Alcoa Corp.]]<ref name="NBR">{{cite web|last1=DIETZ|first1=MARGREET|title=While you were sleeping: UPDATED Oil report lifts US stocks|url=http://www.nbr.co.nz/article/while-you-were-sleeping-oil-report-lifts-mood-b-187463|website=NBR|publisher=NBR|accessdate=18 April 2016}}</ref><ref name="CNBC">{{cite web|last1=Stevenson|first1=Abigail|title=Cramer Remix: A surprising outlook for earnings|url=http://www.cnbc.com/2016/04/11/cramer-remix-a-surprising-outlook-for-earnings.html|website=CNBC|publisher=CNBC|accessdate=18 April 2016}}</ref><ref name="Bloomberg no junk">{{cite web|last1=Deaux|first1=Joe|title=One Down, Two to Go for Alcoa as S&P Signals No Junk for Arconic|url=http://www.bloomberg.com/news/articles/2016-09-20/one-down-two-to-go-for-alcoa-as-s-p-signals-no-junk-for-arconic|website=Bloomberg|publisher=Bloomberg|accessdate=25 September 2016}}</ref>
Arconic is a company created by Alcoa Inc.’s separation into two independent, [[Public company|publicly]] traded companies in the second half of 2016. Alcoa Inc. spun off its bauxite, alumina, and aluminum operations to a new company called [[Alcoa|Alcoa Corp.]]<ref name="NBR">{{cite web|last1=DIETZ|first1=MARGREET|title=While you were sleeping: UPDATED Oil report lifts US stocks|url=http://www.nbr.co.nz/article/while-you-were-sleeping-oil-report-lifts-mood-b-187463|website=NBR|publisher=NBR|accessdate=18 April 2016}}</ref><ref name="CNBC">{{cite web|last1=Stevenson|first1=Abigail|title=Cramer Remix: A surprising outlook for earnings|url=http://www.cnbc.com/2016/04/11/cramer-remix-a-surprising-outlook-for-earnings.html|website=CNBC|publisher=CNBC|accessdate=18 April 2016}}</ref><ref name="Bloomberg no junk">{{cite web|last1=Deaux|first1=Joe|title=One Down, Two to Go for Alcoa as S&P Signals No Junk for Arconic|url=http://www.bloomberg.com/news/articles/2016-09-20/one-down-two-to-go-for-alcoa-as-s-p-signals-no-junk-for-arconic|website=Bloomberg|publisher=Bloomberg|accessdate=25 September 2016}}</ref>


Alcoa Inc. was renamed to Arconic Inc. and retained the operations in aluminum rolling (excluding the Warrick operations), aluminum plate, precision castings, and aerospace and industrial fasteners.<ref name="LancasterOnline" /><ref name="Wall Street Journal">{{cite web|last1=MILLER|first1=JOHN W.|title=Alcoa Spinoff Arconic to Focus on Aerospace, Auto|url=http://www.wsj.com/articles/alcoa-spinoff-arconic-to-focus-on-aerospace-auto-1458051297|website=Wall Street Journal|publisher=Wall Street Journal|accessdate=18 April 2016}}</ref><ref name="The Motley Fool">{{cite web|last1=Hall|first1=Jason|title=Alcoa Inc Takes Steps Forward in Plans to Split|url=http://www.fool.com/investing/2016/09/16/alcoa-inc-takes-steps-forward-in-plans-to-split.aspx|website=The Motley Fool|publisher=The Motley Fool|accessdate=25 September 2016}}</ref> It focuses on turning aluminum and other lightweight metals into engineered products such as [[turbine]] blades for sectors including aerospace and automotive.<ref name="Forbes">{{cite web|last1=Kinahan|first1=JJ|title=Alcoa Results Forecast to Drop Ahead of Company Split|url=http://www.forbes.com/sites/jjkinahan/2016/04/11/alcoa-results-forecast-to-drop-ahead-of-company-split/#5c1ffd021f40|website=Forbes|publisher=Forbes|accessdate=18 April 2016}}</ref><ref name="Bloomberg">{{cite web|last1=Denning|first1=Liam|title=Alcoa's Long Division Problem|url=http://www.bloomberg.com/gadfly/articles/2016-04-12/alcoa-earnings-murky-math-gives-it-a-long-division-problem|website=Bloomberg|publisher=Bloomberg|accessdate=18 April 2016}}</ref><ref name="Bloomberg2">{{cite web|last1=Deaux|first1=Joe|title=Alcoa Processing Unit to Be Named `Arconic' After Split|url=http://www.bloomberg.com/news/articles/2016-03-15/alcoa-engineered-products-unit-to-be-named-arconic-after-split|website=Bloomberg|publisher=Bloomberg|accessdate=18 April 2016}}</ref> It trades on the [[NYSE]] under the ''ARNC'' ticker.<ref name="LancasterOnline">{{cite web|last1=Mekeel|first1=Tim|title=Alcoa spinoff to be named Arconic, to include Manheim Pike plant|url=http://lancasteronline.com/business/local_business/alcoa-spinoff-to-be-named-arconic-to-include-manheim-pike/article_74a2393c-f032-11e5-bb7f-fb8ef064b469.html|website=LancasterOnline|publisher=LancasterOnline|accessdate=18 April 2016}}</ref><ref name="Pittsburgh Post-Gazette">{{cite web|last1=Boselovic|first1=Len|title=New Alcoa company christened Arconic|url=http://www.post-gazette.com/business/pittsburgh-company-news/2016/03/16/New-Alcoa-company-christened-Arconic/stories/201603160036|website=Pittsburgh Post-Gazette|publisher=Pittsburgh Post-Gazette|accessdate=18 April 2016}}</ref><ref name="Fortune">{{cite web|last1=Hackett|first1=Robert|title=Meet Arconic: Alcoa's Spinoff Aerospace and Auto Firm|url=http://fortune.com/2016/03/16/meet-arconic-alcoas-spinoff-aerospace-and-auto-firm/|website=Fortune|publisher=Fortune|accessdate=18 April 2016}}</ref>
Alcoa Inc. was renamed to Arconic Inc. and retained the operations in aluminum rolling (excluding the Warrick operations){{clarify}}, aluminum plate, precision castings, and aerospace and industrial fasteners.<ref name="LancasterOnline" /><ref name="Wall Street Journal">{{cite web|last1=MILLER|first1=JOHN W.|title=Alcoa Spinoff Arconic to Focus on Aerospace, Auto|url=http://www.wsj.com/articles/alcoa-spinoff-arconic-to-focus-on-aerospace-auto-1458051297|website=Wall Street Journal|publisher=Wall Street Journal|accessdate=18 April 2016}}</ref><ref name="The Motley Fool">{{cite web|last1=Hall|first1=Jason|title=Alcoa Inc Takes Steps Forward in Plans to Split|url=http://www.fool.com/investing/2016/09/16/alcoa-inc-takes-steps-forward-in-plans-to-split.aspx|website=The Motley Fool|publisher=The Motley Fool|accessdate=25 September 2016}}</ref> It focuses on turning aluminum and other lightweight metals into engineered products such as [[turbine]] blades for sectors including aerospace and automotive.<ref name="Forbes">{{cite web|last1=Kinahan|first1=JJ|title=Alcoa Results Forecast to Drop Ahead of Company Split|url=http://www.forbes.com/sites/jjkinahan/2016/04/11/alcoa-results-forecast-to-drop-ahead-of-company-split/#5c1ffd021f40|website=Forbes|publisher=Forbes|accessdate=18 April 2016}}</ref><ref name="Bloomberg">{{cite web|last1=Denning|first1=Liam|title=Alcoa's Long Division Problem|url=http://www.bloomberg.com/gadfly/articles/2016-04-12/alcoa-earnings-murky-math-gives-it-a-long-division-problem|website=Bloomberg|publisher=Bloomberg|accessdate=18 April 2016}}</ref><ref name="Bloomberg2">{{cite web|last1=Deaux|first1=Joe|title=Alcoa Processing Unit to Be Named `Arconic' After Split|url=http://www.bloomberg.com/news/articles/2016-03-15/alcoa-engineered-products-unit-to-be-named-arconic-after-split|website=Bloomberg|publisher=Bloomberg|accessdate=18 April 2016}}</ref> It trades on the [[NYSE]] under the ''ARNC'' ticker.<ref name="LancasterOnline">{{cite web|last1=Mekeel|first1=Tim|title=Alcoa spinoff to be named Arconic, to include Manheim Pike plant|url=http://lancasteronline.com/business/local_business/alcoa-spinoff-to-be-named-arconic-to-include-manheim-pike/article_74a2393c-f032-11e5-bb7f-fb8ef064b469.html|website=LancasterOnline|publisher=LancasterOnline|accessdate=18 April 2016}}</ref><ref name="Pittsburgh Post-Gazette">{{cite web|last1=Boselovic|first1=Len|title=New Alcoa company christened Arconic|url=http://www.post-gazette.com/business/pittsburgh-company-news/2016/03/16/New-Alcoa-company-christened-Arconic/stories/201603160036|website=Pittsburgh Post-Gazette|publisher=Pittsburgh Post-Gazette|accessdate=18 April 2016}}</ref><ref name="Fortune">{{cite web|last1=Hackett|first1=Robert|title=Meet Arconic: Alcoa's Spinoff Aerospace and Auto Firm|url=http://fortune.com/2016/03/16/meet-arconic-alcoas-spinoff-aerospace-and-auto-firm/|website=Fortune|publisher=Fortune|accessdate=18 April 2016}}</ref>


On January 31, 2017, the hedge fund [[Elliott Management Corporation]] launched a proxy contest against the company. Elliott publicly called for the firing of then CEO, [[Klaus Kleinfeld]] citing the company’s lackluster stock performance, missed profit forecasts and inefficient spending.<ref name="Wall Street Journal, April 18">{{cite web|last1=BENOIT|first1=DAVID|title=AInside the Activist Battle That Felled Arconic’s Klaus Kleinfeld|url=https://www.wsj.com/articles/klaus-kleinfeld-steps-down-as-chair-and-ceo-of-arconic-1492435894|website=Wall Street Journal|publisher=Wall Street Journal|accessdate=18 April 2017}}</ref> On April 17, 2017, Klaus Kleinfeld resigned as chairman and CEO by mutual agreement with the board of Arconic, after sending an unauthorized letter to Elliott.<ref>{{cite web | url=https://www.wsj.com/articles/AP6bd8e04392df4129be62bcc9c0704214 | title=Arconic CEO Klaus Kleinfeld steps down | publisher=The Wall Street Journal | date=April 17, 2017 | accessdate=April 19, 2017}}</ref>
On January 31, 2017, the hedge fund [[Elliott Management Corporation]] launched a proxy contest against the company. Elliott publicly called for the firing of then CEO, [[Klaus Kleinfeld]] citing the company’s lackluster stock performance, missed profit forecasts and inefficient spending.<ref name="Wall Street Journal, April 18">{{cite web|last1=BENOIT|first1=DAVID|title=AInside the Activist Battle That Felled Arconic’s Klaus Kleinfeld|url=https://www.wsj.com/articles/klaus-kleinfeld-steps-down-as-chair-and-ceo-of-arconic-1492435894|website=Wall Street Journal|publisher=Wall Street Journal|accessdate=18 April 2017}}</ref> On April 17, 2017, Klaus Kleinfeld resigned as chairman and CEO by mutual agreement with the board of Arconic, after sending an unauthorized letter to Elliott.<ref>{{cite web | url=https://www.wsj.com/articles/AP6bd8e04392df4129be62bcc9c0704214 | title=Arconic CEO Klaus Kleinfeld steps down | publisher=The Wall Street Journal | date=April 17, 2017 | accessdate=April 19, 2017}}</ref>

Revision as of 17:45, 26 June 2017

Arconic
FormerlyAlcoa Inc.
Company typePublic company
NYSE: ARNC
S&P 500 component
IndustryManufacturing
FoundedNovember 1, 2016
Headquarters
New York
,
United States
Key people
Patricia Russo (Chairman)
David Hess (CEO)
RevenueIncrease $ 12.4 billion (FY 2016)[1]
Increase $ 0.3 billion (FY 2016 ATOI)[1]
Decrease $ −0.9 billion (FY 2016)[1]
Total assetsIncrease $ 20.0 billion (FY 2016)[1]
Total equityIncrease $ 5.1 billion (FY 2016)[1]
Number of employees
41,500 (December 2016)[1]
Websitearconic.com

Arconic (NYSE: ARNC) is a company specializing in lightweight metals engineering and manufacturing. Arconic’s products, which include aluminum, titanium, and nickel, are used worldwide in aerospace, automotive, commercial transportation, packaging, building and construction,[2] oil and gas, defense, consumer electronics, and industrial applications. Arconic’s operations consist of three worldwide reportable segments: Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions.

History

Arconic is a company created by Alcoa Inc.’s separation into two independent, publicly traded companies in the second half of 2016. Alcoa Inc. spun off its bauxite, alumina, and aluminum operations to a new company called Alcoa Corp.[3][4][5]

Alcoa Inc. was renamed to Arconic Inc. and retained the operations in aluminum rolling (excluding the Warrick operations)[clarification needed], aluminum plate, precision castings, and aerospace and industrial fasteners.[6][7][8] It focuses on turning aluminum and other lightweight metals into engineered products such as turbine blades for sectors including aerospace and automotive.[9][10][11] It trades on the NYSE under the ARNC ticker.[6][12][13]

On January 31, 2017, the hedge fund Elliott Management Corporation launched a proxy contest against the company. Elliott publicly called for the firing of then CEO, Klaus Kleinfeld citing the company’s lackluster stock performance, missed profit forecasts and inefficient spending.[14] On April 17, 2017, Klaus Kleinfeld resigned as chairman and CEO by mutual agreement with the board of Arconic, after sending an unauthorized letter to Elliott.[15]

Grenfell Tower

Arconic supplied the flammable cladding for Grenfell Tower in London which caught fire in 14 June 2017 causing the deaths of at least 79 people. On 26 June 2017 Arconic issued a statement that it would no longer sell its Reynobond PE (polyethylene - aluminium composite cladding) for use in high-rise blocks due to its unsuitability for such high buildings.[16]

References

  1. ^ a b c d e f "Arconic Inc. 2016 Annual Report, Form 10-K, Filing Date Feb 28, 2017". SEC.gov. Retrieved April 18, 2017.
  2. ^ Kirkpatrick, David D. (June 19, 2017). "U.K. Officials Said Material on Tower Was Banned. It Wasn't. - The New York Times". NYTimes.com. Retrieved June 22, 2017. 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.
  3. ^ DIETZ, MARGREET. "While you were sleeping: UPDATED Oil report lifts US stocks". NBR. NBR. Retrieved 18 April 2016.
  4. ^ Stevenson, Abigail. "Cramer Remix: A surprising outlook for earnings". CNBC. CNBC. Retrieved 18 April 2016.
  5. ^ Deaux, Joe. "One Down, Two to Go for Alcoa as S&P Signals No Junk for Arconic". Bloomberg. Bloomberg. Retrieved 25 September 2016.
  6. ^ a b Mekeel, Tim. "Alcoa spinoff to be named Arconic, to include Manheim Pike plant". LancasterOnline. LancasterOnline. Retrieved 18 April 2016.
  7. ^ MILLER, JOHN W. "Alcoa Spinoff Arconic to Focus on Aerospace, Auto". Wall Street Journal. Wall Street Journal. Retrieved 18 April 2016.
  8. ^ Hall, Jason. "Alcoa Inc Takes Steps Forward in Plans to Split". The Motley Fool. The Motley Fool. Retrieved 25 September 2016.
  9. ^ Kinahan, JJ. "Alcoa Results Forecast to Drop Ahead of Company Split". Forbes. Forbes. Retrieved 18 April 2016.
  10. ^ Denning, Liam. "Alcoa's Long Division Problem". Bloomberg. Bloomberg. Retrieved 18 April 2016.
  11. ^ Deaux, Joe. "Alcoa Processing Unit to Be Named `Arconic' After Split". Bloomberg. Bloomberg. Retrieved 18 April 2016.
  12. ^ Boselovic, Len. "New Alcoa company christened Arconic". Pittsburgh Post-Gazette. Pittsburgh Post-Gazette. Retrieved 18 April 2016.
  13. ^ Hackett, Robert. "Meet Arconic: Alcoa's Spinoff Aerospace and Auto Firm". Fortune. Fortune. Retrieved 18 April 2016.
  14. ^ BENOIT, DAVID. "AInside the Activist Battle That Felled Arconic's Klaus Kleinfeld". Wall Street Journal. Wall Street Journal. Retrieved 18 April 2017.
  15. ^ "Arconic CEO Klaus Kleinfeld steps down". The Wall Street Journal. April 17, 2017. Retrieved April 19, 2017.
  16. ^ Grenfell Tower: Cladding firm ends global sales for tower blocks
  • Official website
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