Arconic Announces $200 Million Accelerated Share Repurchase
May 02 2019 - 7:10AM
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 $200
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 7.5 million shares on May 6, 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, $100 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
at 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) uncertainties regarding the planned separation,
including whether it will be completed pursuant to the targeted
timing, asset perimeters, and other anticipated terms, if at all;
(b) the impact of the separation on the businesses of Arconic; (c)
the risk that the businesses will not be separated successfully or
such separation may be more difficult, time-consuming or costly
than expected, which could result in additional demands on
Arconic’s resources, systems, procedures and controls, disruption
of its ongoing business, and diversion of management’s attention
from other business concerns; (d) deterioration in global economic
and financial market conditions generally; (e) unfavorable changes
in the markets served by Arconic; (f) 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; (g)
competition from new product offerings, disruptive technologies or
other developments; (h) 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; (i) manufacturing difficulties or other issues that
impact product performance, quality or safety; (j) 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; (k)
the impact of potential cyber attacks and information technology or
data security breaches; (l) the loss of significant customers or
adverse changes in customers’ business or financial conditions; (m)
changes in discount rates or investment returns on pension assets;
(n) the impact of changes in aluminum prices and foreign currency
exchange rates on costs and results; (o) the outcome of
contingencies, including legal proceedings, government or
regulatory investigations, and environmental remediation, which can
expose Arconic to substantial costs and liabilities; and (p) the
other risk factors summarized in Arconic’s Form 10-K for the year
ended December 31, 2018 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190502005388/en/
InvestorsPaul T. Luther(212)
836-2758Paul.Luther@arconic.com
MediaEsra Ozer(412) 553-2666Esra.Ozer@arconic.com
Arconic (NYSE:ARNC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Arconic (NYSE:ARNC)
Historical Stock Chart
From Sep 2023 to Sep 2024