ARCONIC INC. (NYSE:ARNC) Files An 8-K Other EventsItem 8.01
On March 31, 2017, Arconic Inc. (“Arconic”) divested its Fusina, Italy rolling mill to Slim Aluminium. The transaction follows a thorough review process and is part of Arconic Global Rolled Products’ continued drive to convert the business from a commodity producer to a high-margin aerospace and automotive supplier. Arconic expects to record restructuring-related charges representing the loss on sale of approximately $60 million after-tax, or $0.12 per diluted share, in its Statement of Consolidated Operations for the first quarter of 2017. The charges primarily relate to the non-cash impairment of the net book value of the business as well as the injection of $10 million in cash into the business prior to its sale.
Amounts related to this action are still being finalized. Additional details will be provided in Arconic’s Form 10-Q for the quarter ended March 31, 2017.
Forward-Looking Statements
This Current Report on Form 8-K contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “anticipates,” “estimates,” “expects,” “may,” “plans,” “projects,” “should,” “will,” “would,” or other words of similar meaning. All statements that reflect Arconic’s expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding charges in first quarter of 2017. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Although Arconic believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties include, but are not limited to, the risk factors discussed in Arconic’s Form 10-K for the year ended December 31, 2016, and other reports filed with the U.S. Securities and Exchange Commission. Arconic disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law.
2
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 up +0.27 at 26.16 with 3,734,719 shares trading hands.