Arconic has completed the sale of 100 per cent of its Russian operations to Promishlennie Investitsii LLC, the majority owner of VSMPO-AVISMA Corporation, for cash proceeds of $230 million. The sale was completed after the transaction received all required approvals. Arconic Inc. split into two companies in early 2022: the light metal technology firm Arconic Corp. and Howmet Aerospace Inc., which is responsible for the wheel manufacturer Alcoa Wheels.
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.
Arconic Inc., parent company of Alcoa Wheels, today announced it has entered into an accelerated share repurchase (ASR) agreement with Goldman Sachs & Co. LLC to repurchase US$200 million of Arconic’s common stock, pursuant to the share repurchase programme previously authorised by the company’s Board of Directors.
Arconic’s Alcoa Wheels product portfolio is expanding to include forged aluminium wheels with a combined Dura-Bright/Dura-Flange surface treatment.
Arconic has appointed Felix Sellmann as marketing manager for Europe, Middle East and North Africa, effective August 4. Felix Sellmann will replace Orsolya Ujvary for a period of two years.
Arconic has announced that its Alcoa forged aluminium wheels have received a quality achievement award from PACCAR for meeting or exceeding stringent 10 parts per million (PPM) quality performance requirements. Arconic achieved 0 PPM in 2016 for deliveries to DAF, a subsidiary of PACCAR, reflecting excellence in every step of the manufacturing process, forging to finishing to packaging.
In January, István Katus was appointed to the role of Europe, Middle East & Africa region vice-president and general manager at Arconic Wheel Products. In this position, he has taken on responsibility for growing and improving the profitability of the company’s wheel business within the region. Katus also remains country manager for Hungary.
Arconic Inc., the company created to house the Alcoa wheel business and other metal manufacturing functions following the separation of Alcoa Inc. into two entities last November, is divesting its stake in the other entity, Alcoa Corporation, which is engaged in the mining and manufacture of raw aluminium. The debt-for-equity exchange of Alcoa Corporation common stock will see 12,958,767 shares swapped for debt held by Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC.
Let sleeping dogs lie, don’t poke the bear, and never, ever antagonise your company’s billionaire major shareholder – especially if he’s already voiced a desire to replace you. Klaus Kleinfeld should have borne this final point in mind when he penned a letter to Paul Singer earlier this month. The correspondence gave Singer, the man behind hedge fund Elliott Management, the ammunition needed to blast Kleinfeld out of Arconic Inc, parent company of Alcoa Wheels.
During the second half of this year, Alcoa will separate into two companies – an upstream company and a value-add company. The upstream company will retain the Alcoa name while the value-add company, which amongst other roles will produce the commercial vehicle aluminium wheels now made by Alcoa’s Transportation and Construction Solutions (TCS) business unit, will be named Arconic.
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