Jump to content

Howmet Aerospace: Difference between revisions

From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
→Locations: rm redirect
Line 55: Line 55:
* [[Casablanca]], Morocco
* [[Casablanca]], Morocco
* [[Cergy]], France
* [[Cergy]], France
* [[Cleveland, OH]]
* [[Cleveland]], United States
* [[Dives-sur-Mer]], France
* [[Dives-sur-Mer]], France
* [[Dover, New Jersey]] - (2)
* [[Dover, New Jersey]] - (2)

Revision as of 06:11, 23 May 2020

Howmet Aerospace Inc.
FormerlyAlcoa Inc., Arconic Inc.
Company typePublic company
NYSE: HWM
S&P 500 Index component
ISINUS4432011082
IndustryAerospace
Founded1888; 137 years ago (1888) in Pittsburgh, Pennsylvania, U.S., as Alcoa Inc.
Headquarters201 Isabella Street,
Pittsburgh, Pennsylvania
,
U.S.
Key people
Websitewww.howmet.com

Howmet Aerospace Inc., (formerly Arconic Inc.)[1][2] is an aerospace company based in Pittsburgh, Pennsylvania. The company manufactures components for jet engines, fasteners and titanium structures for aerospace applications, and forged aluminum wheels for heavy trucks.[3]

Howmet operates 27 facilities in the United States, Canada, Mexico, France, the UK, Hungary and Japan.

Howmet History Before Alcoa Acquisition

Howmet's roots can be traced back to 1926 with the founding of Austenal, a company which manufactured raw materials and process for dental appliances. Austenal founders, Reiner Erdle and Charles Prange worked to improve investment chrome base castings utilizing two separate investments: The first coating named 'protective coat" giving a smooth finish was smothered with alcohol binder investment to obtain a correct expansion. This technology replaced gold alloy with vitallium and was popular in depression time. During the 1930s, Austenal expanded into aircraft engine superchargers with superior castings when General Electric asked for help to improve manufacturing practices for wartime production demands.

Howe Sound Company, a metals and mining business, acquired Austenal in 1958, and a year later in 1959, Howe acquired Michigan Steel Casting Co. (MISCO), which provided the monolithic shell process, which uses a ceramic shell with thin, strong walls to increase control of the solidification process to produce a sounder casting.

Howe became Howmet in 1965, marking a transition from a mining company to a manufacturer of precision metal products. Howmet was purchased in 1975 by Pechiney, a multinational aluminum company. In 1989, Pechiney purchased the Cercast group of companies, bringing Howmet into the aluminum casting industry.

In 1995, Pechiney sold Howmet to a joint venture between Thiokol and The Carlyle Group. By late 1997 the ownership structure of Howmet had morphed into a distribution of Thiokol owning 62%, Carlyle 23%, and the public 15%. Thiokol later in 1998 changed its name to Cordant Technologies Inc. By February 1999, Cordant had acquired an 84.7% stake in Howmet.

In 2000, Cordant sold its stake in Howmet Corp. to Alcoa, which merged Howmet into its Alcoa Industrial Components unit. In 2004, Howmet was merged to form the Alcoa Investment Casting and Forged Products unit. In 2007, Howmet was renamed Alcoa Howmet as a division of the newly formed Alcoa Power and Propulsion unit.

History As Alcoa Inc. and Arconic Inc.

On November 1, 2016, Alcoa Inc. spun off its bauxite, alumina, and aluminum operations to a new company called Alcoa Corp.[4][5][6][7][8][9]

Alcoa Inc. was renamed Arconic Inc., and retained the operations in aluminum rolling (excluding the Warrick operations), aluminum plate, precision castings, and aerospace and industrial fasteners.[7][8][9][10][11] It focuses on turning aluminum and other lightweight metals into engineered products such as turbine blades for sectors including aerospace and automotive.[12][13][14] It trades on the NYSE under the ARNC ticker.[15][16][17]

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.[18] 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.[19]

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

Howmet Aerospace Inc. was renamed from Arconic Inc. on April 1, 2020, with a new company Arconic Corporation spun out.[23]

Locations

See also

References

  1. ^ "Arconic To Spin-Off Arconic Rolled Products on April 1". Forbes. Feb 6, 2020. Retrieved April 10, 2020.
  2. ^ "Arconic Consider Job Cuts Due to Boeing 737 MAX Production Halt". WSJ. Jan 27, 2020. Retrieved April 10, 2020.
  3. ^ "Markets & Product Lines | Howmet Aerospace". Howmet.com. Retrieved 2020-04-07.
  4. ^ DIETZ, MARGREET. "While you were sleeping: UPDATED Oil report lifts US stocks". NBR. NBR. Retrieved 18 April 2016.
  5. ^ Stevenson, Abigail. "Cramer Remix: A surprising outlook for earnings". CNBC. CNBC. Retrieved 18 April 2016.
  6. ^ Deaux, Joe. "One Down, Two to Go for Alcoa as S&P Signals No Junk for Arconic". Bloomberg. Bloomberg. Retrieved 25 September 2016.
  7. ^ a b "Alcoa Inc. Board of Directors Approves Separation of Company". Alcoa. Alcoa Inc. Retrieved 28 May 2018.
  8. ^ a b "Arconic sells 60 percent stake in Alcoa for $890 million". Retrieved 28 May 2018.
  9. ^ a b "Dubious Corporate Practices Get a Rubber Stamp From Big Investors". Retrieved 28 May 2018.
  10. ^ MILLER, JOHN W. "Alcoa Spinoff Arconic to Focus on Aerospace, Auto". Wall Street Journal. Wall Street Journal. Retrieved 18 April 2016.
  11. ^ Hall, Jason. "Alcoa Inc Takes Steps Forward in Plans to Split". The Motley Fool. The Motley Fool. Retrieved 25 September 2016.
  12. ^ Kinahan, JJ. "Alcoa Results Forecast to Drop Ahead of Company Split". Forbes. Forbes. Retrieved 18 April 2016.
  13. ^ Denning, Liam. "Alcoa's Long Division Problem". Bloomberg. Bloomberg. Retrieved 18 April 2016.
  14. ^ Deaux, Joe. "Alcoa Processing Unit to Be Named 'Arconic' After Split". Bloomberg. Bloomberg. Retrieved 18 April 2016.
  15. ^ Mekeel, Tim. "Alcoa spinoff to be named Arconic, to include Manheim Pike plant". LancasterOnline. LancasterOnline. Retrieved 18 April 2016.
  16. ^ Boselovic, Len. "New Alcoa company christened Arconic". Pittsburgh Post-Gazette. Pittsburgh Post-Gazette. Retrieved 18 April 2016.
  17. ^ Hackett, Robert. "Meet Arconic: Alcoa's Spinoff Aerospace and Auto Firm". Fortune. Fortune. Retrieved 18 April 2016.
  18. ^ BENOIT, DAVID. "AInside the Activist Battle That Felled Arconic's Klaus Kleinfeld". Wall Street Journal. Wall Street Journal. Retrieved 18 April 2017.
  19. ^ "Arconic CEO Klaus Kleinfeld steps down". The Wall Street Journal. April 17, 2017. Retrieved April 19, 2017.
  20. ^ Cornell, Joe. "Arconic To Split Into Two Separate Companies". Forbes. Retrieved 2020-03-03.
  21. ^ Mericle, Julia. "Arconic is splitting into two: Here's what the new companies will be named". Pittsburgh Business Times. {{cite web}}: |archive-url= requires |archive-date= (help)
  22. ^ "Arconic Inc. Board of Directors Approves Separation of Company". WSJ. Retrieved 2020-03-31.
  23. ^ "Arconic Inc. Board of Directors Approves Separation of Company". WSJ. Retrieved 2020-03-31.
  • Official website
  • Business data for Howmet Aerospace Inc.:
Retrieved from "https://en.wikipedia.org/enwiki/w/index.php?title=Howmet_Aerospace&oldid=958332975"