ARNC Arconic Corporation

Alcoa Inc. provided further details Wednesday of its plans to separate its more-profitable assets focused on the aerospace and automobile industries from its less-promising mining, refining and smelting business, which has been dragged down by the commodities bust.

Alcoa said it would spin off the less-promising businesses into a company that would keep the Alcoa name and seek to continue trading under the stock symbol "AA" on the New York Stock Exchange.

The parent company will keep the businesses that make multimaterial products serving the aerospace, automotive, transportation, and building and construction markets, such as commercial vehicle wheels and jet gas turbine airfoils. The existing publicly traded company will be renamed Arconic and change its ticker symbol to "ARNC."

Alcoa announced its plans to split in September; Wednesday, Alcoa filed the initial separation form with the Securities and Exchange Commission that officially begins the process. Alcoa didn't say when the split would occur, other than it was on track for the second half of this yea.

The company said that at least 80.1% of the spun-off company will be distributed to shareholders and that about 19.9% of the spun-off smelting business will be owned by Arconic.

Alcoa said it would issue about $1 billion of debt through term loans and notes and would pay a substantial portion of the proceeds to Arconic.

Write to Austen Hufford at austen.hufford@wsj.com

(END) Dow Jones Newswires

June 29, 2016 08:25 ET (12:25 GMT)

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