Arconic
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.
| Company type | Private |
|---|---|
| Industry | Manufacturing |
| Founded | April 1, 2020 in Pittsburgh, Pennsylvania[1] |
| Headquarters | , U.S. |
Key people | Chris Ayers (CEO) |
| Revenue | US$8.96 billion[3] (2022) |
| US$−47 million[3] (2022) | |
| US$−182 million[3] (2022) | |
| Total assets | US$6.02 billion[3] (2022) |
| Total equity | US$1.36 billion[3] (2022) |
| Owner | Apollo Global Management (2023–present) |
Number of employees | 11,550 (2022)[3] |
| Website | arconic |
On August 18, 2023, private equity firm Apollo Global Management completed the acquisition of Arconic.[5]
History edit
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 edit
Grenfell Tower fire edit
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 edit
- ^ a b . WSJ. Archived from the original on 2020-04-10. Retrieved 2020-03-31.
- ^ "Arconic Inc. Current Report, Form 8-K, Filing Date May 17, 2019". SEC.gov. Retrieved June 24, 2019.
- ^ a b c d e f "2022 Annual Report (Form 10-K)". SEC. 21 February 2023.
- ^ Kirkpatrick, David D. (June 19, 2017). "U.K. Officials Said Material on Tower Was Banned. It Wasn't. - The New York Times". The New York Times. 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.
- ^ "Arconic Completes Transaction with Apollo Funds". Arconic. Retrieved 2023-08-26.
- ^ DIETZ, MARGREET. . NBR. NBR. Archived from the original on 23 April 2016. Retrieved 18 April 2016.
- ^ Stevenson, Abigail. "Cramer Remix: A surprising outlook for earnings". CNBC. CNBC. Retrieved 18 April 2016.
- ^ Deaux, Joe. "One Down, Two to Go for Alcoa as S&P Signals No Junk for Arconic". Bloomberg. Bloomberg. Retrieved 25 September 2016.
- ^ a b "Alcoa Inc. Board of Directors Approves Separation of Company". Alcoa. Alcoa Inc. Retrieved 28 May 2018.
- ^ a b "Arconic sells 60 percent stake in Alcoa for $890 million". Reuters. 15 February 2017. Retrieved 28 May 2018.
- ^ a b Morgenson, Gretchen (19 May 2017). "Dubious Corporate Practices Get a Rubber Stamp From Big Investors". The New York Times. Retrieved 28 May 2018.
- ^ MILLER, JOHN W. "Alcoa Spinoff Arconic to Focus on Aerospace, Auto". Wall Street Journal. Wall Street Journal. Retrieved 18 April 2016.
- ^ Hall, Jason (16 September 2016). "Alcoa Inc Takes Steps Forward in Plans to Split". The Motley Fool. The Motley Fool. Retrieved 25 September 2016.
- ^ Kinahan, JJ. "Alcoa Results Forecast to Drop Ahead of Company Split". Forbes. Retrieved 18 April 2016.
- ^ Denning, Liam. "Alcoa's Long Division Problem". Bloomberg. Bloomberg. Retrieved 18 April 2016.
- ^ Deaux, Joe. "Alcoa Processing Unit to Be Named 'Arconic' After Split". Bloomberg. Bloomberg. Retrieved 18 April 2016.
- ^ Mekeel, Tim. "Alcoa spinoff to be named Arconic, to include Manheim Pike plant". LancasterOnline. LancasterOnline. Retrieved 18 April 2016.
- ^ Boselovic, Len. "New Alcoa company christened Arconic". Pittsburgh Post-Gazette. Pittsburgh Post-Gazette. Retrieved 18 April 2016.
- ^ Hackett, Robert. "Meet Arconic: Alcoa's Spinoff Aerospace and Auto Firm". Fortune. Fortune. Retrieved 18 April 2016.
- ^ Cornell, Joe. "Arconic To Split Into Two Separate Companies". Forbes. Retrieved 2020-03-03.
- ^ "Arconic Consider Job Cuts Due to Boeing 737 MAX Production Halt". WSJ. Jan 27, 2020. Retrieved April 10, 2020.
- ^ Mericle, Julia (August 2, 2019). "Arconic is splitting into two: Here's what the new companies will be named". Pittsburgh Business Times. Retrieved October 17, 2020.
- ^ "Arconic completes split into two companies". www.bizjournals.com. Retrieved 2020-04-07.
- ^ "Pittsburgh-based Arconic agrees to be acquired by private equity firm". Pittsburgh Post-Gazette. 4 May 2023.
- ^ "Grenfell cladding maker 'knew it fell below safety standard'". the Guardian. January 27, 2020.
- ^ "Grenfell Tower suppliers knew their cladding would burn, inquiry told". the Guardian. November 9, 2020.
- ^ a b Kirk, Tristan (November 6, 2020). "Do the right thing at Grenfell inquiry, cladding firm workers told". www.standard.co.uk.
- ^ Lowe, Tom; Rogers2020-11-10T06:00:00+00:00, Dave. "Suppliers had concerns their products would burn, Grenfell Inquiry told". Building.
{{cite web}}: CS1 maint: numeric names: authors list (link) - ^ "Grenfell inquiry: four Arconic employees refuse to give evidence". November 6, 2020.
- ^ a b Richardson, Andy; Perrin, Ben (2021-06-15). "Police at scene as protesters climb onto city factory roof". BirminghamLive. Retrieved 21 June 2021.
- ^ LazenbyWednesday, Peter (2021-06-16). "Police 'violently' arrest Palestine Action protesters at factory in Birmingham". Morning Star. Retrieved 21 June 2021.
External links edit
- Official website
- Business data for Arconic:
- SEC filings
- Yahoo!