Alcoa now a Howmet Aerospace brand

Alcoa aluminium wheels is now a Howmet Aerospace brand. On 1 April, Howmet Aerospace Inc. launched as a standalone company following the completion of Arconic Inc.’s separation into two firms. Howmet Aerospace is active in the aerospace, defence and space, and commercial transportation sectors and is made up of engine products, fastening systems, engineered structures and forged wheels businesses that in 2019 generated more than US$7 billion in revenue.

The new company is led by co-chief executive officers John C. Plant, who will also serve as executive chairman of the board, and Tolga Oal, who previously served as president of Arconic Engineered Structures.

“Howmet Aerospace, an iconic and storied brand in the aerospace industry, today launches as a standalone company,” said Plant. “With strong market positions, differentiated technology and collaborative relationships across our customer base, the company is well-positioned to benefit from a strong and growing aerospace market.”

Addressing the financial impact of COVID-19

The new company has started life as an independent business in a difficult time. On Tuesday, Howmet Aerospace shared that a number of its OEM customers have temporarily suspended their production in Europe and North America due to issues related to COVID-19. As these temporary suspensions are “impacting operations” at certain Howmet Aerospace facilities, the company is taking a series of actions to address the financial impact. Specifically, it has commenced plans to reduce costs and is targeting approximately $100 million of run rate savings. In addition, the company has suspended the dividend on its Common Stock, preserving cash and providing additional flexibility in the current environment.