Arconic Announces Update on Strategy and Portfolio Review
January 22 2019 - 8:04AM
Business Wire
Arconic Inc. (NYSE: ARNC) today announced that its Board of
Directors has determined to no longer pursue a potential sale of
the company as part of its strategy and portfolio review.
John C. Plant, Chairman of Arconic, said, “Together with
management, we have been conducting a rigorous and comprehensive
strategy and portfolio review over the past year and as part of
that process considered a sale of the company, among other matters.
However, we did not receive a proposal for a full-company
transaction that we believe would be in the best interests of
Arconic’s shareholders and other stakeholders.”
“We will continue with the previously announced sale process for
our Building and Construction Systems business. More broadly, we
remain strongly focused on creating value for Arconic shareholders,
through continued operational improvements and through other
potential initiatives which we have identified in our strategic
review.”
About Arconic
Arconic (NYSE: ARNC) creates breakthrough products that shape
industries. Working in close partnership with our customers, we
solve complex engineering challenges to transform the way we fly,
drive, build and power. Through the ingenuity of our people and
cutting-edge advanced manufacturing techniques, we deliver these
products at a quality and efficiency that ensure customer success
and shareholder value. For more information: www.arconic.com.
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Forward-Looking Statements
This release 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,” “believes,” “could,” “estimates,”
“expects,” “forecasts,” “goal,” “guidance,” “intends,” “may,”
“outlook,” “plans,” “projects,” “seeks,” “sees,” “should,”
“targets,” “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. These statements reflect
beliefs and assumptions that are based on Arconic’s perception of
historical trends, current conditions and expected future
developments, as well as other factors Arconic believes are
appropriate in the circumstances. Forward-looking statements are
not guarantees of future performance and are subject to risks,
uncertainties and changes in circumstances that are difficult to
predict, which could cause actual results to differ materially from
those indicated by these statements. Such risks and uncertainties
include, but are not limited to: (a) deterioration in global
economic and financial market conditions generally; (b) unfavorable
changes in the markets served by Arconic; (c) Arconic’s inability
to realize expected benefits, in each case as planned and by
targeted completion dates, from acquisitions, divestitures,
facility closures, curtailments, expansions, or joint ventures; and
(d) the other risk factors summarized in Arconic’s Form 10-K for
the year ended December 31, 2017 and other reports filed with the
U.S. Securities and Exchange Commission. Arconic disclaims any
intention or obligation to update publicly any forward-looking
statements, whether in response to new information, future events,
or otherwise, except as required by applicable law.
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Esra OzerArconic1-212-836-2641
Steve Lipin/Danielle BelopotoskyGladstone Place
Partners1-212-230-5930
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