Wheel technology manufacturer, Alcoa Inc., has announced that its Board of Directors has approved its separation into two independent, publicly-traded companies – Arconic and Alcoa Corporation. The separation will become effective before the opening of the market on 1 November, 2016.
Arconic will be a provider of high-performance materials and products engineered for the aerospace, automotive and other growth industries, while Alcoa Corporation will produce bauxite, alumina and aluminium products.
On 1 November, Alcoa Inc. will change its name to Arconic Inc. and its ticker symbol on the New York Stock Exchange – currently AA – will change to ARNC. Alcoa Corporation will adopt the AA ticker symbol, trading as an independent company.
Klaus Kleinfeld will serve as Arconic’s Chairman and CEO, the same roles he presently holds at Alcoa Inc.. Michael Morris will become non-executive Chairman of Alcoa Corporation and Roy Harvey – currently Group President of the Alcoa Global Primary Products business – will be its CEO.