Arconic

Last updated
Arconic Corporation
NYSE: ARNC
IndustryManufacturing
FoundedApril 1, 2020;3 years ago (2020-04-01) in Pittsburgh, Pennsylvania [1]
Headquarters
Pittsburgh, Pennsylvania [2]
,
U.S.
Key people
Chris Ayers ( CEO )
RevenueIncrease2.svg US$8.96 billion [3]  (2022)
Increase2.svg US$−47 million [3]  (2022)
Increase2.svg US$−182 million [3]  (2022)
Total assets Decrease2.svg US$6.02 billion [3]  (2022)
Total equity Decrease2.svg US$1.36 billion [3]  (2022)
Owner
Number of employees
11,550 (2022) [3]
Website arconic.com

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.

Contents

On August 18, 2023, private equity firm Apollo Global Management completed the acquisition of Arconic. [5]

History

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

Grenfell Tower fire

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]

Related Research Articles

Rio Tinto Alcan is a Canada-based mining company. Headquartered in Montreal, Quebec, it is a subsidiary of global mining conglomerate Rio Tinto. It was created on 15 November 2007 as the result of the merger between Rio Tinto's Canadian subsidiary and Canadian company Alcan.

<span class="mw-page-title-main">Alcoa</span> American materials company

Alcoa Corporation is a Pittsburgh-based industrial corporation. It is the world's eighth-largest producer of aluminum. Alcoa conducts operations in 10 countries. Alcoa is a major producer of primary aluminum, fabricated aluminum, and alumina combined, through its active and growing participation in all major aspects of the industry: technology, mining, refining, smelting, fabricating, and recycling.

Thiokol was an American corporation concerned initially with rubber and related chemicals, and later with rocket and missile propulsion systems. Its name is a portmanteau of the Greek words for sulfur and glue, an allusion to the company's initial product, Thiokol polymer.

<span class="mw-page-title-main">Klaus Kleinfeld</span> German businessman

Klaus-Christian Kleinfeld is the former chairman and chief executive officer (CEO) of Arconic. Kleinfeld is former chairman and CEO of Alcoa Inc., and former president and CEO of Siemens AG. Kleinfeld stepped down as chairman and CEO of Arconic on 17 April 2017. In October 2017, he was named director of Saudi Arabia's Neom initiative. It was announced in July 2018 that Kleinfeld would be promoted from director of Neom to advisor of Crown Prince Muhammad bin Salman on 1 August 2018, and that Nadhmi Al-Nasr would succeed him as director of Neom.

Aluminium–lithium alloys are a set of alloys of aluminium and lithium, often also including copper and zirconium. Since lithium is the least dense elemental metal, these alloys are significantly less dense than aluminium. Commercial Al–Li alloys contain up to 2.45% lithium by mass.

RTI International Metals (RMI Titanium Company Inc., founded in 1950, is a leading US producer of titanium mill products and fabricated metal components for the global market. Through its various subsidiaries, RTI manufactures and distributes titanium and specialty metal mill products, extruded shapes, formed parts and engineered systems for aerospace, industrial, defense, energy, chemical, and consumer applications for customers around the world. The company is commonly referred to simply as RTI. The vice chairman, president, and chief executive officer was Dawne Hickton until 2015.

<span class="mw-page-title-main">Sandwich panel</span> Structure made of three layers

A sandwich panel is any structure made of three layers: a low-density core, and a thin skin-layer bonded to each side. Sandwich panels are used in applications where a combination of high structural rigidity and low weight is required.

Alcan was a Canadian mining company and aluminum manufacturer. It was founded in 1902 as the Northern Aluminum Company, renamed Aluminum Company of Canada in 1925, and Alcan Aluminum in 1966. It took the name Alcan Incorporated in 2001. During that time, it grew to become one of the world's largest aluminum manufacturers.

<span class="mw-page-title-main">Grenfell Centre</span> High rise building in Adelaide, South Australia

Grenfell Centre, formerly known as Oracle House and JLW Building, nicknamed Black Stump, is a high rise office building located at 25 Grenfell Street in the Adelaide city centre, South Australia.

<span class="mw-page-title-main">Kingspan Group</span> Irish building materials company

Kingspan Group plc is a building materials company based in Ireland, trading in over 80 countries with more than 210 factories employing over 22,000 people. The company operates with six divisions; Insulated Panels, Insulation, Light & Air, Water & Energy, and, Data & Flooring, Roof & Waterproofing.

<span class="mw-page-title-main">Exova</span>

Exova Group plc was a laboratory-based testing company, operating primarily within the Testing segment of the Testing Inspection and Certification (“TIC”) sector. It was listed on the London Stock Exchange until it was acquired by Element Materials Technology in June 2017.

Howmet Aerospace Inc. is an American aerospace company based in Pittsburgh, Pennsylvania. The company manufactures components for jet engines, fasteners and titanium structures for aerospace applications, and forged aluminum wheels for heavy trucks.

<span class="mw-page-title-main">Grenfell Tower fire</span> 2017 fire in West London

On 14 June 2017, a high-rise fire broke out in the 24-storey Grenfell Tower block of flats in North Kensington, West London, at 00:54 BST and burned for 60 hours. Seventy-two people died, two later in hospital, with more than 70 injured and 223 escaping. It was the deadliest structural fire in the United Kingdom since the 1988 Piper Alpha oil-platform disaster and the worst UK residential fire since the German Bombings of World War II.

<span class="mw-page-title-main">Rydon</span> British construction company

Rydon is a British facilities management and property maintenance company which was founded in 1978. Its head office is in Dartford, Kent, and it has two maintenance offices in London. It had a turnover of around £51.9 million and employed an average of 423 people in the year to September 2022.

Harley Facades is a British construction company that designs and installs external cladding on buildings.

<span class="mw-page-title-main">Grenfell Tower Inquiry</span> Public inquiry into the Grenfell Tower fire

The Grenfell Tower Inquiry is a British public inquiry into the Grenfell Tower fire, which killed 72 people and destroyed Grenfell Tower on 14 June 2017. It was ordered by Prime Minister Theresa May on the day following the fire.

<span class="mw-page-title-main">Benita Mehra</span> British engineer

Benita Mehra FIET, FWES, FIHEEM is a British engineer based in London. She was President of the Women's Engineering Society from 2015 to 2018.

The Grenfell Tower Inquiry is a British public inquiry into the Grenfell Tower fire, which killed 72 people and destroyed Grenfell Tower on 14 June 2017. It was ordered by Prime Minister Theresa May on the day following the fire.

The Grenfell Tower Inquiry is a British public inquiry into the Grenfell Tower fire, which killed 72 people and destroyed Grenfell Tower on 14 June 2017. It was ordered by Prime Minister Theresa May on the day following the fire.

References

  1. 1 2 "Arconic Inc. Board of Directors Approves Separation of Company". WSJ. Archived from the original on 2020-04-10. Retrieved 2020-03-31.
  2. ↑ "Arconic Inc. Current Report, Form 8-K, Filing Date May 17, 2019". SEC.gov. Retrieved June 24, 2019.
  3. 1 2 3 4 5 6 "2022 Annual Report (Form 10-K)". SEC. 21 February 2023.
  4. ↑ 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.
  5. ↑ "Arconic Completes Transaction with Apollo Funds". Arconic. Retrieved 2023-08-26.
  6. ↑ DIETZ, MARGREET. "While you were sleeping: UPDATED Oil report lifts US stocks". NBR. NBR. Archived from the original on 23 April 2016. Retrieved 18 April 2016.
  7. ↑ Stevenson, Abigail. "Cramer Remix: A surprising outlook for earnings". CNBC. CNBC. Retrieved 18 April 2016.
  8. ↑ Deaux, Joe. "One Down, Two to Go for Alcoa as S&P Signals No Junk for Arconic". Bloomberg. Bloomberg. Retrieved 25 September 2016.
  9. 1 2 "Alcoa Inc. Board of Directors Approves Separation of Company". Alcoa. Alcoa Inc. Retrieved 28 May 2018.
  10. 1 2 "Arconic sells 60 percent stake in Alcoa for $890 million". Reuters. 15 February 2017. Retrieved 28 May 2018.
  11. 1 2 Morgenson, Gretchen (19 May 2017). "Dubious Corporate Practices Get a Rubber Stamp From Big Investors". The New York Times. Retrieved 28 May 2018.
  12. ↑ MILLER, JOHN W. "Alcoa Spinoff Arconic to Focus on Aerospace, Auto". Wall Street Journal. Wall Street Journal. Retrieved 18 April 2016.
  13. ↑ Hall, Jason (16 September 2016). "Alcoa Inc Takes Steps Forward in Plans to Split". The Motley Fool. The Motley Fool. Retrieved 25 September 2016.
  14. ↑ Kinahan, JJ. "Alcoa Results Forecast to Drop Ahead of Company Split". Forbes. Retrieved 18 April 2016.
  15. ↑ Denning, Liam. "Alcoa's Long Division Problem". Bloomberg. Bloomberg. Retrieved 18 April 2016.
  16. ↑ Deaux, Joe. "Alcoa Processing Unit to Be Named 'Arconic' After Split". Bloomberg. Bloomberg. Retrieved 18 April 2016.
  17. ↑ Mekeel, Tim. "Alcoa spinoff to be named Arconic, to include Manheim Pike plant". LancasterOnline. LancasterOnline. Retrieved 18 April 2016.
  18. ↑ Boselovic, Len. "New Alcoa company christened Arconic". Pittsburgh Post-Gazette. Pittsburgh Post-Gazette. Retrieved 18 April 2016.
  19. ↑ Hackett, Robert. "Meet Arconic: Alcoa's Spinoff Aerospace and Auto Firm". Fortune. Fortune. Retrieved 18 April 2016.
  20. ↑ Cornell, Joe. "Arconic To Split Into Two Separate Companies". Forbes. Retrieved 2020-03-03.
  21. ↑ "Arconic Consider Job Cuts Due to Boeing 737 MAX Production Halt". WSJ. Jan 27, 2020. Retrieved April 10, 2020.
  22. ↑ 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.
  23. ↑ "Arconic completes split into two companies". www.bizjournals.com. Retrieved 2020-04-07.
  24. ↑ "Pittsburgh-based Arconic agrees to be acquired by private equity firm". Pittsburgh Post-Gazette. 4 May 2023.
  25. ↑ "Grenfell cladding maker 'knew it fell below safety standard'". the Guardian. January 27, 2020.
  26. ↑ "Grenfell Tower suppliers knew their cladding would burn, inquiry told". the Guardian. November 9, 2020.
  27. 1 2 Kirk, Tristan (November 6, 2020). "Do the right thing at Grenfell inquiry, cladding firm workers told". www.standard.co.uk.
  28. ↑ 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)
  29. ↑ "Grenfell inquiry: four Arconic employees refuse to give evidence". November 6, 2020.
  30. 1 2 Richardson, Andy; Perrin, Ben (2021-06-15). "Police at scene as protesters climb onto city factory roof". BirminghamLive. Retrieved 21 June 2021.
  31. ↑ LazenbyWednesday, Peter (2021-06-16). "Police 'violently' arrest Palestine Action protesters at factory in Birmingham". Morning Star. Retrieved 21 June 2021.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.