Arconic
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Arconic
Arconic Inc.
Formerly
Alcoa Inc.
Public
Traded as
ISINUS03965L1008 Edit this on Wikidata
IndustryManufacturing
FoundedNovember 1, 2016
Headquarters201 Isabella Street,
Pittsburgh, Pennsylvania[1]
,
United States
Key people
John C. Plant (CEO)
Revenue
Increase$ 1.3 billion (FY 2018 ATOI)[3]
Increase$ 0.64 billion (FY 2018)[2]
Decrease$ 18.70 billion (FY 2018)[4]
Increase$ 6.5 billion (FY 2018)[4]
Number of employees
41,500 (October 2018)[5]
Websitearconic.com

Arconic is a company specializing in lightweight metals engineering and manufacturing. Arconic's products, which include aluminum, titanium, and nickel, are used worldwide in aerospace, automotive, commercial transportation, packaging, building and construction,[6] oil and gas, defense, consumer electronics, and industrial applications. Arconic's operations consist of three worldwide reportable segments: Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions.

History

On November 1, 2016, Alcoa Inc. spun off its bauxite, alumina, and aluminum operations to a new company called Alcoa Corp.[7][8][9][10][11][12]

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.[10][11][12][13][14] It focuses on turning aluminum and other lightweight metals into engineered products such as turbine blades for sectors including aerospace and automotive.[15][16][17] It trades on the NYSE under the ARNC ticker.[18][19][20]

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.[21] 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.[22]

Grenfell Tower

For the £11 million renovation of Grenfell Tower, Arconic provided one component of the cladding, known as Reynobond PE aluminum composite panels, to Omnis Exteriors. Reynobond PE was not the most fire-retardant option.[23] On 26 June 2017, short time after the Grenfell Tower fire which resulted in the death of 72 people, Arconic issued a statement that it would no longer sell its Reynobond PE (polyethylene - aluminum composite cladding) for use in high-rise buildings. The company said this is applicable worldwide due to the difficulty of being sure that its material would be used in a way compliant with building regulations in various countries.[24][25] An inquiry into the fire in 2018 found that the cladding, which incorporated polyethylene material within, was the primary cause of the spread of the fire.[26][27] The fire resulted in several lawsuits against Arconic.[28][29][30]

References

  1. ^ "Arconic Inc. Current Report, Form 8-K, Filing Date May 17, 2019". SEC.gov. Retrieved 2019.
  2. ^ a b "Arconic Inc". MarketWatch. Retrieved 2019.
  3. ^ "Arconic Reports Fourth Quarter 2018 and Full Year 2018 Results; Announces Update to Strategy and Portfolio Review", Business Wire, February 08, 2019. Accessed Feb 13, 2019.
  4. ^ a b > "Arconic Inc.", The Wall Street Journal. Accessed Feb 13, 2019.
  5. ^ "World's Best Employers #270 Arconic", Forbes, October 2018. Accessed Feb 13, 2019.
  6. ^ Kirkpatrick, David D. (June 19, 2017). "U.K. Officials Said Material on Tower Was Banned. It Wasn't. - The New York Times". NYTimes.com. Retrieved 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.
  7. ^ DIETZ, MARGREET. "While you were sleeping: UPDATED Oil report lifts US stocks". NBR. NBR. Retrieved 2016.
  8. ^ Stevenson, Abigail. "Cramer Remix: A surprising outlook for earnings". CNBC. CNBC. Retrieved 2016.
  9. ^ Deaux, Joe. "One Down, Two to Go for Alcoa as S&P Signals No Junk for Arconic". Bloomberg. Bloomberg. Retrieved 2016.
  10. ^ a b "Alcoa Inc. Board of Directors Approves Separation of Company". Alcoa. Alcoa Inc. Retrieved 2018.
  11. ^ a b "Arconic sells 60 percent stake in Alcoa for $890 million". Retrieved 2018.
  12. ^ a b "Dubious Corporate Practices Get a Rubber Stamp From Big Investors". Retrieved 2018.
  13. ^ MILLER, JOHN W. "Alcoa Spinoff Arconic to Focus on Aerospace, Auto". Wall Street Journal. Wall Street Journal. Retrieved 2016.
  14. ^ Hall, Jason. "Alcoa Inc Takes Steps Forward in Plans to Split". The Motley Fool. The Motley Fool. Retrieved 2016.
  15. ^ Kinahan, JJ. "Alcoa Results Forecast to Drop Ahead of Company Split". Forbes. Forbes. Retrieved 2016.
  16. ^ Denning, Liam. "Alcoa's Long Division Problem". Bloomberg. Bloomberg. Retrieved 2016.
  17. ^ Deaux, Joe. "Alcoa Processing Unit to Be Named `Arconic' After Split". Bloomberg. Bloomberg. Retrieved 2016.
  18. ^ Mekeel, Tim. "Alcoa spinoff to be named Arconic, to include Manheim Pike plant". LancasterOnline. LancasterOnline. Retrieved 2016.
  19. ^ Boselovic, Len. "New Alcoa company christened Arconic". Pittsburgh Post-Gazette. Pittsburgh Post-Gazette. Retrieved 2016.
  20. ^ Hackett, Robert. "Meet Arconic: Alcoa's Spinoff Aerospace and Auto Firm". Fortune. Fortune. Retrieved 2016.
  21. ^ BENOIT, DAVID. "AInside the Activist Battle That Felled Arconic's Klaus Kleinfeld". Wall Street Journal. Wall Street Journal. Retrieved 2017.
  22. ^ "Arconic CEO Klaus Kleinfeld steps down". The Wall Street Journal. April 17, 2017. Retrieved 2017.
  23. ^ Davies, Rob; Connolly, Kate; and Sample, Ian (16 June 2017). "Cladding for Grenfell Tower was cheaper, more flammable option". The Guardian. U.K. Retrieved 2017.
  24. ^ Davies, Rob (26 June 2017). "Grenfell Tower: cladding material linked to fire pulled from sale worldwide". The Guardian. Retrieved 2017.
  25. ^ "Grenfell Tower: Cladding firm ends global sales for tower blocks". BBC News. UK. 26 June 2017. Retrieved 2017.
  26. ^ "Grenfell Inquiry: What five reports reveal". BBC. 4 June 2018.
  27. ^ Booth, Robert1; Bowcott, Owen (30 October 2018). "Grenfell Tower inquiry: the chair's findings so far". The Guardian.
  28. ^ Kinder, Tabby (25 June 2019). "US lawsuit against firm accused over Grenfell fire is dismissed". The Times.
  29. ^ Evans, Judith (19 November 2019). "Grenfell cladding manufacturer declines to release documents". Financial Times.
  30. ^ Booth, Robert (27 November 2019). "Grenfell cladding firm spends £30m defending its role in disaster". The Guardian.

External links


  This article uses material from the Wikipedia page available here. It is released under the Creative Commons Attribution-Share-Alike License 3.0.

Arconic
 



 



 
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