Arconic Corporation
TypePublic
IndustryManufacturing
FoundedApril 1, 2020; 2 years ago (2020-04-01) in Pittsburgh, Pennsylvania[1]
Headquarters,
U.S.
Key people
Timothy D Myers CEO[3]
RevenueDecrease US$5,675 million[4] (2020)
Decrease US$80 million[5] (2020)
Decrease US$-108 million[4] (2020)
Total assetsIncrease US$6,314 million[4] (2020)
Total equityDecrease US$1,447 million[4] (2020)
Number of employees
13,400 (2020)[4]
Websitearconic.com

Arconic Corporation is an American industrial company specializing in lightweight metals engineering and manufacturing. Arconic's products are used worldwide in aerospace, automotive, commercial transportation, packaging, building and construction,[6] oil and gas, defense, consumer electronics, and industrial applications.

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]

Separation into Howmet Aerospace Inc. and Arconic Corp.

On February 8, 2019, Arconic Inc. announced that it would split into two separate businesses.[21] 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.[3] The new Arconic Corporation will be focused on rolled aluminum products and Howmet Aerospace on engineered products.[22] The separation was completed effective April 1, 2020.[1][23]

Controversies

Grenfell Tower fire

Main article: Grenfell Tower Inquiry

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.[24][25] 72 people died in the fire.[26][27] However, several Arconic officials refused to co-operate with the inquiry.[26][28]

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.[29] The group claimed that Arconic provide "materials for Israel's fighter jets".[29] 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.[30]

References

  1. ^ a b "Arconic Inc. Board of Directors Approves Separation of Company". WSJ. Retrieved 2020-03-31.
  2. ^ "Arconic Inc. Current Report, Form 8-K, Filing Date May 17, 2019". SEC.gov. Retrieved June 24, 2019.
  3. ^ a b "Arconic Consider Job Cuts Due to Boeing 737 MAX Production Halt". WSJ. Jan 27, 2020. Retrieved April 10, 2020.
  4. ^ a b c d e "Document". SEC. Retrieved 24 February 2021.
  5. ^ "10-K Arconic Corp". Profitdent. Retrieved 26 May 2021.
  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 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.
  7. ^ DIETZ, MARGREET. "While you were sleeping: UPDATED Oil report lifts US stocks". NBR. NBR. Retrieved 18 April 2016.
  8. ^ Stevenson, Abigail. "Cramer Remix: A surprising outlook for earnings". CNBC. CNBC. Retrieved 18 April 2016.
  9. ^ Deaux, Joe. "One Down, Two to Go for Alcoa as S&P Signals No Junk for Arconic". Bloomberg. Bloomberg. Retrieved 25 September 2016.
  10. ^ a b "Alcoa Inc. Board of Directors Approves Separation of Company". Alcoa. Alcoa Inc. Retrieved 28 May 2018.
  11. ^ a b "Arconic sells 60 percent stake in Alcoa for $890 million". Retrieved 28 May 2018.
  12. ^ a b "Dubious Corporate Practices Get a Rubber Stamp From Big Investors". Retrieved 28 May 2018.
  13. ^ MILLER, JOHN W. "Alcoa Spinoff Arconic to Focus on Aerospace, Auto". Wall Street Journal. Wall Street Journal. Retrieved 18 April 2016.
  14. ^ Hall, Jason. "Alcoa Inc Takes Steps Forward in Plans to Split". The Motley Fool. The Motley Fool. Retrieved 25 September 2016.
  15. ^ Kinahan, JJ. "Alcoa Results Forecast to Drop Ahead of Company Split". Forbes. Retrieved 18 April 2016.
  16. ^ Denning, Liam. "Alcoa's Long Division Problem". Bloomberg. Bloomberg. Retrieved 18 April 2016.
  17. ^ Deaux, Joe. "Alcoa Processing Unit to Be Named 'Arconic' After Split". Bloomberg. Bloomberg. Retrieved 18 April 2016.
  18. ^ Mekeel, Tim. "Alcoa spinoff to be named Arconic, to include Manheim Pike plant". LancasterOnline. LancasterOnline. Retrieved 18 April 2016.
  19. ^ Boselovic, Len. "New Alcoa company christened Arconic". Pittsburgh Post-Gazette. Pittsburgh Post-Gazette. Retrieved 18 April 2016.
  20. ^ Hackett, Robert. "Meet Arconic: Alcoa's Spinoff Aerospace and Auto Firm". Fortune. Fortune. Retrieved 18 April 2016.
  21. ^ Cornell, Joe. "Arconic To Split Into Two Separate Companies". Forbes. Retrieved 2020-03-03.
  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. ^ "Grenfell cladding maker 'knew it fell below safety standard'". the Guardian. January 27, 2020.
  25. ^ "Grenfell Tower suppliers knew their cladding would burn, inquiry told". the Guardian. November 9, 2020.
  26. ^ a b Kirk, Tristan (November 6, 2020). "Do the right thing at Grenfell inquiry, cladding firm workers told". www.standard.co.uk.
  27. ^ Lowe, Tom; Rogers2020-11-10T06:00:00+00:00, Dave. "Suppliers had concerns their products would burn, Grenfell Inquiry told". Building.
  28. ^ "Grenfell inquiry: four Arconic employees refuse to give evidence". November 6, 2020.
  29. ^ a b Richardson, Andy; Perrin, Ben (2021-06-15). "Police at scene as protesters climb onto city factory roof". BirminghamLive. Retrieved 21 June 2021.
  30. ^ LazenbyWednesday, Peter (2021-06-16). "Police 'violently' arrest Palestine Action protesters at factory in Birmingham". Morning Star. Retrieved 21 June 2021.