9/28/2015 12:22:00 PM
NEWS BRIEFS
Alcoa Approves Plan to Divide Company
Alcoa’s Board of Directors unanimously approved a plan to separate the company into two independent, publicly-traded companies.
Alcoa’s $1.8 billion Fastening Systems and Rings business will become part of “value-added” company, which will include Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions.
The “upstream” company will comprise the five business units that currently make up Global Primary Products – Bauxite, Alumina, Aluminum, Casting and Energy.
After the separation, the upstream company will operate under the Alcoa name. The value added company will be named prior to closing, which is expected to occur in the second half of 2016. At that time, current CEO Klaus Kleinfeld will become CEO of the value-added company.
Alcoa Fastening Systems & Rings operates 22 manufacturing and distribution facilities in the U.S., Mexico, Europe, Asia and Australia. AFS employs 6,800 people in two divisions: aerospace and industrial. The company is headquartered at 3016 W. Lomita Blvd., Torrance, CA 90505. Tel: 805 527-3600 Web: alcoafasteners.com
Alcoa entered the fastener industry with the 2000 acquisition of Cordant Technologies Inc., which included Huck. Huck had acquired fastener manufacturer Jacobson Mfg. Co. in 1998 and Chicago-based Continental/Midland Group in 1999.
Alcoa acquired Fairchild Fasteners in 2002 for $655 million, combining the company with Huck International to form AFS.
For the last eight years of AFS results, subscribers can read the FIN Stock Review.
Related Stories:
• Global Fastener Market To Top $104 Billion by 2020
Related Links:
• Alcoa
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