On 01st April’20 Arconic Corporation rolls-out as a leader in advanced aluminium sheet, plate, extruded and architectural products that primarily advance the ground transportation, aerospace, industrial, packaging, and commercial building markets. The Company’s common stock will begin trading on the New York Stock Exchange under the ticker "ARNC" at 9:30 a.m. Eastern Daylight Time on 1st April '20.
The parting of the ways of Arconic Inc. into two standalone companies – Arconic Corporation and Howmet Aerospace Inc. (the new name for Arconic Inc.) – took effect today through a pro-rata distribution by Arconic Inc. of 100% of the outstanding shares of the newly-formed Arconic Corporation.
Arconic Inc. stockholders received one share of Arconic Corporation common stock for every four shares of Arconic Inc. common stock held as of the March 19, 2020 record date. Arconic Inc. shares have become Howmet Aerospace Inc. shares as a result of the name change.
Time Myers will lead Arconic Corporation. He used to be the Executive Vice President and Group President of the business segments that now incorporated into a new standalone company. In 2019, these businesses generated $7.3 billion in revenue. More about Arconic Corporation and its management team can be found on their official website.
Mr Myers said: “Arconic Corporation has been a leader in aluminium products innovation since its predecessor founded the company in 1888. Our unique portfolio of assets and dedicated people around the world set Arconic apart from its peers. I’d like to thank our employees for their focus and continued commitment to keeping each other safe and supporting our customers during these uncertain times.”
In concurrence with the roll-out of Arconic Corporation, its independently graced charitable arm, Arconic Foundation, will continue to support programs that help prepare the 21st-century engineering and manufacturing workforce.
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