MASSENA — Arconic officials announced Thursday that the Board of Directors had approved the completion of the company’s separation into two independent, publicly-traded companies.
The separation is scheduled to become effective on April 1. The separation will not impact Massena’s operations.
“We have known for a while how this separation was going to take place. This will change nothing at Massena,” United Steelworkers Local 420-A President Mark Goodfellow said.
In a news release announcing the company’s separation, Arconic officials said the Engineered Products and Forgings businesses (engine products, fastening systems, engineered structures and forged wheels) will remain in the existing company. However, it will take on a new name, Howmet Aerospace Inc.
The Global Rolled Products businesses (global rolled products, aluminum extrusions, and building and construction systems) will be held by a new company that will be named Arconic Corporation at separation.
Arconic was formed in 2016 in a split with Alcoa, creating two publicly traded companies — Alcoa Corp. and Arconic. The upstream company, which operates under the Alcoa name, consists of five business units that make up global primary products — bauxite, alumina, aluminum, casting and energy. Arconic, the value-added company, is composed of global rolled products, engineered products and solutions, and transportation and construction solutions.
With the split, Alcoa focused on upstream products, including aluminum, while Arconic focused on engineered products, including the automotive and aerospace segments.
Arconic announced in December that its Rolled Products Corporation, which makes aluminum sheets and plates, had publicly filed a Registration Statement with the U.S. Securities and Exchange Commission in connection with a pending separation into two standalone, publicly-traded companies.