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.
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| Company type | Private |
|---|---|
| Industry | Manufacturing |
| Founded | April 1, 2020 in Pittsburgh, Pennsylvania[1] |
| Headquarters | , U.S. |
Key people | Chris Ayers (CEO) |
| Revenue |  US$8.96 billion[3] (2022) |
| US$−47 million[3] (2022) | |
| US$−182 million[3] (2022) | |
| Total assets |  US$6.02 billion[3] (2022) |
| Total equity | US$1.36 billion[3] (2022) |
| Owner | Apollo Global Management (2023–present) |
Number of employees | 11,550 (2022)[3] |
| Website | arconic |
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]
References
External links
- Official website
- Business data for Arconic: