Summary
This 8-K filing from Arconic Inc. (formerly Alcoa Inc.) officially reports the completion of its business separation, effective November 1, 2016. The company, now named Arconic, retains the Engineered Products and Solutions, Transportation and Construction Solutions, and Global Rolled Products segments (with specific exclusions). The remaining segments, Alumina and Primary Metals, along with certain rolling mill and joint venture interests, now form the independent Alcoa Corporation. The separation was executed through a pro rata distribution of 80.1% of Alcoa Corporation's common stock to Arconic's shareholders. Arconic retains a 19.9% stake in the newly formed Alcoa Corporation. The filing also provides unaudited pro forma financial statements, not indicative of future performance, and guidance on estimated corporate spend of approximately $300 million annually, excluding depreciation, and an estimated future effective tax rate of approximately 35%.
Key Highlights
- 1Completion of business separation into two independent public companies: Arconic and Alcoa Corporation, effective November 1, 2016.
- 2Arconic Inc. is the new name for the former Alcoa Inc., retaining specific business segments.
- 3Alcoa Corporation is the new independent entity holding the Alumina and Primary Metals segments, among other assets.
- 4Separation achieved via a pro rata distribution of 80.1% of Alcoa Corporation's shares to existing Arconic shareholders.
- 5Arconic retains a 19.9% ownership stake in Alcoa Corporation post-separation.
- 6Company provides unaudited pro forma financial statements for illustrative purposes.
- 7Estimated annual corporate spend projected at approximately $300 million (excluding depreciation).
- 8Estimated future effective tax rate projected at approximately 35%.