ARCONIC INC. (NYSE:ARNC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02.
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Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers. |
On May2, 2017, Ratan N. Tata notified the Board of Directors (the
Board) of Arconic Inc. (Arconic or the Company) that he had
decided to resign from the Board, effective immediately, in order
to devote additional time to his business interests. As a result
of his resignation, Mr.Tatas nomination for election at the
Companys 2017 Annual Meeting of Shareholders has been withdrawn.
| Item8.01. | Other Events. |
On May5, 2017, the Company announced the completion of the
exchange of its remaining 12,958,767 shares of common stock of
Alcoa Corporation for $428,635,000 aggregate principal amount of
Arconic debt held by Citigroup Global Markets Inc. (Citigroup)
and Credit Suisse Securities (USA) LLC (Credit Suisse). The
Company also purchased with cash the remainder of its debt held
by Citigroup and Credit Suisse. Taken together, Arconic actions
in 2017 have resulted in the Company reducing its total debt by
approximately $800 million.
A copy of the Companys press release regarding the foregoing is
attached hereto as Exhibit 99.1 and is incorporated herein by
reference.
| Item9.01. | Financial Statements and Exhibits. |
The following is filed as an exhibit to this report:
| 99.1 | Arconic Inc. press release issued May5, 2017 |
About ARCONIC INC. (NYSE:ARNC)
Arconic Inc., formerly Alcoa Inc., is engaged in providing materials and engineered products. The Company operates through segments, including Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions. The Company offers engineered products and solutions, including fastening systems and rings, titanium and engineered products, power and propulsion, and forgings and extrusions. Its transportation and construction solutions include wheel and transportation products; building and construction systems, and extrusions. Its global rolled products include aerospace and automotive products; Micromill products and services, and brazing, commercial transportation and industrial solutions. It offers a range of aluminum sheet and plate products for the aerospace, automotive, commercial transportation, brazing and industrial markets. The Company’s product portfolio is focused on Arconic Micromill technology. ARCONIC INC. (NYSE:ARNC) Recent Trading Information
ARCONIC INC. (NYSE:ARNC) closed its last trading session down -0.22 at 27.08 with 2,371,240 shares trading hands.
