Arconic Inc. (NYSE: ARNC) announced today its receipt of a portion of
the proceeds from the sale of the Yadkin Hydroelectric Project (Yadkin)
to Cube Hydro Carolinas by Alcoa Power Generating Inc., a subsidiary of
Alcoa Corporation. Yadkin encompasses four hydroelectric power
developments (reservoirs, dams and powerhouses), known as High Rock,
Tuckertown, Narrows and Falls, situated along a 38-mile stretch of the
Yadkin River through central North Carolina.
The sale agreement was originally announced in July 2016 as part of the
Company’s strategy to continue to strengthen its balance sheet and
maximize cash flow through sales of non-essential assets.
Upon the separation of Alcoa Corporation from Arconic Inc. on November
1, 2016, Alcoa Power Generating Inc., including Yadkin, became part of
Alcoa Corporation. Under an agreement reached as part of the separation,
Alcoa Corporation was to remit to Arconic the net after-tax proceeds
from the sale of Yadkin. Arconic has received cash of $238 million in
the first quarter of 2017; the Company expects to receive an additional
$5 million in the second quarter of 2017.
Arconic (NYSE: ARNC) creates breakthrough products that shape
industries. Working in close partnership with our customers, we solve
complex engineering challenges to transform the way we fly, drive, build
and power. Through the ingenuity of our people and cutting-edge advanced
manufacturing techniques, we deliver these products at a quality and
efficiency that ensure customer success and shareholder value. For more
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Dissemination of Company Information
Arconic intends to make future announcements regarding Company
developments and financial performance through its website on www.arconic.com.