Summary
This 8-K filing by Howmet Aerospace Inc. (then operating as Arconic Inc.) announces a significant divestiture and the availability of its 2017 Sustainability Report. The company has agreed to sell its Texarkana, Texas rolling mill to Ta Chen International, Inc. for approximately $300 million in cash, with potential for an additional $50 million in contingent consideration. This sale, expected to close in the fourth quarter of 2018, is anticipated to result in a gain for the company and signals a strategic move to streamline operations and focus on core business areas. Investors should note that this transaction is subject to regulatory approvals and other customary closing conditions.
Key Highlights
- 1Arconic to sell Texarkana, Texas rolling mill for approximately $300 million in cash.
- 2Potential for an additional $50 million in contingent consideration.
- 3Transaction is expected to close in the fourth quarter of 2018.
- 4The sale is anticipated to result in a gain for Arconic.
- 5The 2017 Arconic Sustainability Report is made available online.
- 6Sale is subject to regulatory approvals and customary closing conditions.