A week after the Wall Street Journal reported that Arconic was nearing a $10 billion deal to be acquired by Apollo Global Management for more than $10 billion, the aerospace fastener and components manufacturer announced it had broken off talks with the buyer.

“We did not receive a proposal for a full-company transaction that we believe would be in the best interests of Arconic’s shareholders and other stakeholders,” stated company chairman John C. Plant.

Arconic, which includes Alcoa’s former $1.8 billion Fastening Systems and Rings business, has been mulling possible takeovers since last summer when Apollo and two other companies expressed interest in the company.

Arconic will continue with the previously announced sale process for its building and construction systems business, Plant said.

For the third quarter of 2018, Arconic reported Engineered Products and Solutions (EP&S) revenue, primarily aerospace fasteners, increased 6% to $1.6 billion. Organic revenue was up 6%, driven by volume growth in aerospace engines and defense.

Segment operating profit was $238 million, down $1 million year over year, as volume growth across all business units was offset by unfavorable aerospace product price/mix and manufacturing inefficiencies in the Engineered Structures business. Segment operating margin was 15.2%, down 100 basis points year over year.

Arconic was formed in 2016 after Alcoa’s board unanimously approved a plan to separate Alcoa into two independent, publicly-traded companies. Torrance, CA-based Arconic Fastening Systems & Rings designs and manufactures fastening systems and rings, including specialty fasteners, fluid fittings, assembly components, installation systems, and seamless rings, for aerospace and industrial applications. Arconic employs about 1,550 people at five facilities in Texas, and more than 7,000 worldwide. Web: Arconic.com