Aluminum maker Alcoa Inc. said Monday that it will split into two publicly traded companies, joining the recent wave of companies looking to spur growth by breaking up.

Shares of Alcoa gained 4.2% in premarket trading.

Alcoa said its upstream company will include its bauxite, alumina, aluminum, casting and energy business.

The other company will include its global rolled products, engineered products and solutions, and transportation and construction solutions businesses.

The deal is expected to close in the second half of next year.

Alcoa shareholders will own all shares outstanding of both companies.

Alcoa has struggled as the price for raw aluminum remains under pressure amid China flooding the global markets with steel, aluminum and other industrial metals.

Companies from industrial conglomerate Danaher Corp. to Hewlett-Packard Co. have announced plans to break up their businesses recently. The trend has been fueled by the idea that companies with a narrower focus perform better. The moves in many cases have been well received by shareholders - and sometimes actively sought by them.

Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com

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(END) Dow Jones Newswires

September 28, 2015 07:05 ET (11:05 GMT)

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