Alcoa to Split Into Two Companies
New York-based Alcoa Inc. (NYSE: AA), which has a substantial presence in Indiana, is splitting into two independent, publicly-traded companies.The lightweight metals company has operations in Carmel, Evansville, Lafayette and La Porte.
The separation will launch two companies. The Upstream Company will include five business units: Bauxite, Alumina, Aluminum, Casting and Energy. The Value-Add Company consists of its Global Rollied Products, Engineered Products and Solutions and Transportation and Construction Solutions units.
The transaction is expected to be complete in the second half of 2016. The Upstream Company will operate under the Alcoa name, while the Value-Add Company will be named after the transaction closes.
Alcoa broke ground last year on a $100 million production facility in La Porte. That project includes plans for more than 300 new jobs by 2019. The operation will produce jet engine parts for business and large commercial aircraft.