Alcoa Spin-Off to Involve Indiana Locations
WARRICK COUNTY - All three Indiana Alcoa Inc. (NYSE: AA) operations will have a new name under the company's planned split. Alcoa expects to separate into two independently-traded companies by year's end. The name Alcoa would stick with its troubled, more traditional aluminum smelting business, while its airplane and auto component operations would form Arconic.
Alcoa will still trade on the New York Stock Exchange under the "AA" symbol and Arconic will use the NYSE symbol "ARNC." Arconic's tag line will be "Innovation, Engineered."
The new Alcoa will have five main units: Bauxite, Alumina, Aluminum, Cast Products and Energy. Arconic will have three: Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions.
Challenging global aluminum and construction and manufacturing metal markets have caused Alcoa's profits and stock value to slide in recent years. The smelting operations, in particular, have been hit hard. Last month, it announced the closure of a major portion of its massive Warrick County facility. In a statement, Alcoa recently updated the status of affected workers, saying "the number of layoffs at our facility has been significantly reduced from an estimated 600 to about 325 due to transfers and packages that Alcoa offered to our employees."
The company has facilities in Warrick, Tippecanoe and La Porte counties.