Alcoa Inc. Announces Filing of Initial Form 10 Registration Statement for Separation of Upstream Business, Alcoa Corporation
June 29 2016 - 7:28AM
Business Wire
Separation will create a globally
cost-competitive Upstream company and an innovation and
technology-driven Value-Add company
Separation on track to be completed in the
second half of 2016
Alcoa to host conference call today at 8:30 AM
Eastern Daylight Time to discuss Form 10
Lightweight metals leader Alcoa (NYSE:AA) today announced a
major milestone in connection with its pending separation into two
strong standalone, publicly-traded companies. Alcoa Upstream
Corporation (to be renamed Alcoa Corporation prior to separation)
has filed an initial Registration Statement on Form 10 with the
Securities and Exchange Commission (SEC). Alcoa Corporation will
hold the Upstream and North American packaging businesses. The
Value-Add businesses will remain in the existing company, which
will be named Arconic Inc. The separation is on track to be
completed in the second half of 2016.
“The filing of the Form 10 is an important milestone as we
prepare to launch two businesses that are well-positioned for
success,” said Klaus Kleinfeld, Alcoa Chairman and Chief Executive
Officer. “Alcoa Corporation has a low-cost base that will enable
resilience and value-creation at all stages of the commodity cycle.
Arconic is a technology-driven company producing performance
materials and highly engineered products for growth markets, poised
to deliver consistent profitable growth. Through our multi-year
transformation, we have substantially re-positioned each business
and laid the foundation for future long-term success. The
separation will allow each new company to pursue its own distinct
corporate strategy and unlock the full value of each business.”
Alcoa Corporation will be a globally competitive Upstream
company. Its businesses will include Bauxite, Alumina, Aluminum,
Cast Products and Energy and rolling mill operations that will
serve the North American packaging market. Arconic will be a global
leader in precision engineering and advanced manufacturing,
providing a wide range of multi-material solutions to growth
markets including aerospace structures, jet engines, automotive and
commercial transportation. Its businesses will include the
Engineered Products and Solutions, Global Rolled Products, and
Transportation and Construction Solutions segments.
The initial Form 10 includes preliminary detailed information
about Alcoa Corporation as a standalone company, such as historical
financial information, as well as a description of Alcoa
Corporation’s business and strategy and other legal and financial
disclosures. The initial Form 10 is subject to change prior to
completion of the separation.
The separation remains subject to the satisfaction of certain
conditions, including obtaining final approval from the Alcoa Board
of Directors, receipt of a favorable IRS ruling and opinions of
Alcoa’s tax advisors regarding certain U.S. federal income tax
matters and the effectiveness of the Form 10.
A copy of the initial Form 10 is available on the SEC website at
www.sec.gov and can also be viewed on
www.Alcoa.com/form_10_presentation. Supplemental information about
Arconic can also be viewed on Alcoa’s website.
Conference Call
Alcoa will host a conference call at 8:30 AM Eastern Daylight
Time to review the initial Form 10 and answer questions. The
meeting will be webcast via alcoa.com. Call information and related
details are available at
www.Alcoa.com/form_10_presentation.
Dissemination of Company Information
Alcoa intends to make future announcements regarding Company
developments and financial performance through its website at
www.alcoa.com.
About Alcoa
A global leader in lightweight metals technology, engineering
and manufacturing, Alcoa innovates multi-material solutions that
advance our world. Our technologies enhance transportation, from
automotive and commercial transport to air and space travel, and
improve industrial and consumer electronics products. We enable
smart buildings, sustainable food and beverage packaging, high
performance defense vehicles across air, land and sea, deeper oil
and gas drilling and more efficient power generation. We pioneered
the aluminum industry over 125 years ago, and today, our
approximately 58,000 people in 30 countries deliver value-add
products made of titanium, nickel and aluminum, and produce
best-in-class bauxite, alumina and primary aluminum products. For
more information, visit www.alcoa.com, follow @Alcoa on Twitter at
www.twitter.com/Alcoa and follow us on Facebook at
www.facebook.com/Alcoa.
Forward-Looking Statements
This communication contains statements that relate to future
events and expectations and as such constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include those
containing such words as “anticipates,” “believes,” “could,”
“estimates,” “expects,” “forecasts,” “intends,” “may,” “outlook,”
“plans,” “projects,” “seeks,” “sees,” “should,” “targets,” “will,”
“would,” or other words of similar meaning. All statements that
reflect the Company’s expectations, assumptions or projections
about the future, other than statements of historical fact, are
forward-looking statements, including, without limitation,
statements regarding the separation transaction. Forward-looking
statements are not guarantees of future performance and are subject
to risks, uncertainties, and changes in circumstances that are
difficult to predict. Although the Company believes that the
expectations reflected in any forward-looking statements are based
on reasonable assumptions, it can give no assurance that these
expectations will be attained and it is possible that actual
results may differ materially from those indicated by these
forward-looking statements due to a variety of risks and
uncertainties. Such risks and uncertainties include, but are not
limited to: (a) uncertainties as to the timing of the separation
and whether it will be completed; (b) the possibility that various
closing conditions for the separation may not be satisfied; (c) the
outcome of contingencies, including legal proceedings; (d) the
impact of the separation on the businesses of Alcoa; (e) the risk
that the businesses will not be separated successfully or such
separation may be more difficult, time-consuming or costly than
expected, which could result in additional demands on Alcoa’s
resources, systems, procedures and controls, disruption of its
ongoing business and diversion of management’s attention from other
business concerns; and (f) the other risk factors discussed in
the Company’s Form 10-K for the year ended December 31, 2015,
and other reports filed with the SEC. The Company disclaims any
obligation to update publicly any forward-looking statements,
whether in response to new information, future events or otherwise,
except as required by applicable law.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160629005640/en/
AlcoaInvestors:Matt Garth,
212-836-2674Matthew.Garth@alcoa.comorMedia:Monica Orbe,
212-836-2632Monica.Orbe@alcoa.com
Arconic (NYSE:ARNC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Arconic (NYSE:ARNC)
Historical Stock Chart
From Apr 2023 to Apr 2024