Arconic Announces $700 Million Accelerated Share Repurchase
February 19 2019 - 7:00AM
Business Wire
Arconic Inc. (NYSE:ARNC) today announced that it has entered
into an accelerated share repurchase (ASR) agreement with JPMorgan
Chase Bank, National Association, London Branch, to repurchase $700
million of Arconic’s common stock, pursuant to the share repurchase
program previously authorized by the Board of Directors.
Under the ASR agreement, Arconic will receive initial delivery
of approximately 31.9 million shares on February 21, 2019. The
final number of shares to be repurchased will be based on the
volume-weighted average price of Arconic’s common stock during the
term of the transaction, less a discount. The ASR agreement is
expected to be completed during the first half of 2019.
After giving effect to the share repurchase under the ASR
agreement, approximately $300 million remains available under the
prior authorization by the Board of Directors for share repurchases
through the end of 2020.
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.
Follow @arconic: Twitter, Instagram, Facebook, LinkedIn and
YouTube.
Dissemination of Company Information
Arconic intends to make future announcements regarding Company
developments and financial performance through its website
on www.arconic.com.
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, including, without
limitation, expectations relating to share repurchases, which may
be subject to market conditions, legal requirements and other
considerations. 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) the inability to achieve the level of
revenue growth, cash generation, cost savings, improvement in
profitability and margins, fiscal discipline, or strengthening of
competitiveness and operations anticipated or targeted; (d)
competition from new product offerings, disruptive technologies or
other developments; (e) political, economic, and regulatory risks
relating to Arconic’s global operations, including compliance with
U.S. and foreign trade and tax laws, sanctions, embargoes and other
regulations; (f) manufacturing difficulties or other issues that
impact product performance, quality or safety; (g) 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; (h)
the impact of cyber attacks and potential information technology or
data security breaches; (i) changes in discount rates or investment
returns on pension assets; (j) the impact of changes in aluminum
prices and foreign currency exchange rates on costs and results;
(k) the outcome of contingencies, including legal proceedings,
government or regulatory investigations, and environmental
remediation, which can expose Arconic to substantial costs and
liabilities; and (l) 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. Market
projections are subject to the risks discussed above and other
risks in the market. The statements in this release are made as of
the date of this release, even if subsequently made available by
Arconic on its website or otherwise. 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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version on businesswire.com: https://www.businesswire.com/news/home/20190219005475/en/
InvestorsPaul T. Luther(212)
836-2758Paul.Luther@arconic.com
MediaJustin Falce(412)
553-2666Justin.Falce@arconic.com
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