Summary
This Form 8-K filing by Arconic Inc. (formerly Alcoa Inc.) announces the completion of its previously announced separation into two independent, publicly traded companies, effective November 1, 2016. The separation involved a distribution of 80.1% of Alcoa Corporation's common stock to Arconic's shareholders. Alcoa Corporation will now house the Alumina and Primary Metals segments, while Arconic will retain the Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions segments. The filing also details the numerous material definitive agreements entered into between Arconic Inc. and Alcoa Corporation to govern their relationship post-separation. These include agreements on separation, transition services, tax matters, employee matters, intellectual property licensing, supply of primary aluminum, and operational arrangements. The report also notes changes in executive leadership and board composition resulting from the separation, with key personnel moving to either Arconic or Alcoa Corporation.
Key Highlights
- 1Completion of the separation of Arconic Inc. into two distinct publicly traded entities: Arconic Inc. and Alcoa Corporation.
- 2Arconic Inc. (formerly Alcoa Inc.) distributed 80.1% of Alcoa Corporation's common stock to its shareholders on November 1, 2016.
- 3Alcoa Corporation now comprises the Alumina and Primary Metals segments.
- 4Arconic Inc. retains the Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions segments.
- 5Numerous material agreements have been executed to define the post-separation relationship between Arconic and Alcoa Corporation, covering aspects like services, taxes, IP, and supply.
- 6Key executive and board leadership changes have occurred to align with the new corporate structures of Arconic and Alcoa Corporation.