Separation on track to be completed in the second quarter of 2020
PITTSBURGH--(BUSINESS WIRE)--Lightweight metals manufacturer Arconic Inc. (NYSE: ARNC) today announced that Arconic Rolled Products Corporation (to be renamed Arconic Corporation upon separation) has publicly filed a preliminary Registration Statement on Form 10 with the U.S. Securities and Exchange Commission (SEC) in connection with Arconic Inc.’s pending separation into two standalone, publicly-traded companies. Arconic Inc. will spin off Arconic Corporation, which will hold the businesses currently comprising Arconic Inc.’s Global Rolled Products segment (Rolled Products, Extrusions, and Building and Construction). The businesses currently comprising Arconic Inc.’s Engineered Products and Forgings segment will remain in the existing company, which will be renamed Howmet Aerospace Inc. upon separation. The separation is on track to be completed in the second quarter of 2020.
Arconic Corporation will be a globally competitive aluminum products company, centered on rolled products, extrusions, and architectural products and systems. Its businesses will primarily serve the ground transportation, aerospace, building and construction, industrial, and packaging end-markets. Howmet Aerospace’s primary businesses will focus on jet engine components, aerospace and industrial fasteners, and structural parts for airplanes and defense, as well as forged aluminum wheels for commercial transportation.
The preliminary Form 10, prepared in accordance with SEC guidelines, includes detailed information about Arconic Corporation as a standalone company, such as historical financial information, as well as a description of Arconic Corporation’s business and strategy and other legal and financial disclosures. This registration statement is subject to change prior to it being declared effective by the SEC.
The separation remains subject to the satisfaction of certain conditions, including obtaining final approval from the Arconic Inc. Board of Directors, receipt of a favorable opinion of Arconic Inc.’s legal counsel with respect to the tax-free nature of the transaction for U.S. federal income tax purposes, completion of financing, and the effectiveness of the Form 10.
Dissemination of Company Information
Arconic Inc. intends to make future announcements regarding Company developments and financial performance through its website at www.arconic.com.
Arconic Inc. (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 information: www.arconic.com. Follow @arconic: Twitter, Instagram, Facebook, LinkedIn and YouTube.
This release contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as "anticipates," "believes," "could," "estimates," "expects," "forecasts," "goal," "guidance," "intends," "may," "outlook," "plans," "projects," "seeks," "sees," "should," "targets," "will," "would," or other words of similar meaning. All statements that reflect Arconic Inc.’s expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding the separation transaction. These statements reflect beliefs and assumptions that are based on Arconic Inc.’s perception of historical trends, current conditions and expected future developments, as well as other factors Arconic Inc. believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and changes in circumstances that are difficult to predict, which could cause actual results to differ materially from those indicated by these statements. Such risks and uncertainties include, but are not limited to: (a) uncertainties regarding the planned separation, including whether it will be completed pursuant to the targeted timing, asset perimeters, and other anticipated terms, if at all; (b) the possibility that various closing conditions for the separation may not be satisfied; (c) the outcome of contingencies, including legal proceedings; (d) the impact of the separation on the businesses of Arconic Inc.; (e) the risk that the businesses will not be separated successfully or such separation may be more difficult, time-consuming or costly than expected, which could result in additional demands on Arconic Inc.’s resources, systems, procedures and controls, disruption of its ongoing business, and diversion of management’s attention from other business concerns; and (f) the other risk factors summarized in Arconic Inc.’s Form 10-K for the year ended December 31, 2018 and other reports filed with the SEC. Arconic Inc. disclaims any intention or obligation to update publicly any forward-looking statements, whether in response to new information, future events, or otherwise, except as required by applicable law.
Paul T. Luther