Contact Us

Add:Dongyang Jiangbei Industrial Park
Linkman:Mr Yu


Alcoa files SEC registration form to pave the way for separation

Hits:345 Date:2018-01-02 14:17:49

Alcoa has filed an initial Form 10 registration statement with the US Securities and Exchange Commission paving the way for its planned separation into two standalone, publicly traded companies, the US company said Wednesday.

Last September, Alcoa announced plans to split into two independent, publicly traded upstream and downstream aluminum companies by the second half of 2016.

Alcoa Upstream Corp. -- to be renamed Alcoa Corp. prior to separation -- will hold the company's upstream and North American packaging businesses, while the value-add businesses will remain in the existing company, which will be named Arconic Inc.

"Alcoa Corporation has a low-cost base that will enable resilience and value-creation at all stages of the commodity cycle. Arconic is a technology-driven company producing performance materials and highly engineered products for growth markets, poised to deliver consistent profitable growth," Klaus Kleinfeld, Alcoa chairman and CEO, said in a statement.

Alcoa Corp's businesses will include bauxite, alumina, aluminum, cast products and energy, and rolling mill operations that will serve the North American packaging market.

Arconic will be a global leader in precision engineering and advanced manufacturing, with businesses including the engineered products and solutions, global rolled products, and transportation and construction solutions segments.

The separation will occur by means of a pro rata distribution by the current company Alcoa Inc. of at least 80.1% of the outstanding shares of the newly formed upstream company, initially named Alcoa Upstream Corp., which will own the upstream businesses.

The current publicly traded company will continue to own the value-add businesses and will change its name to Arconic Inc.

After the distribution becomes effective, Arconic will own no more than 19.9% of the outstanding shares of common stock of the new upstream company.

"In light of recent volatile commodity market conditions and conditions in the high-yield debt market, Arconic's retention of Alcoa Corporation shares positions both companies with appropriate capital structures, liquidity, and financial flexibility and resources that support their individual business strategies," the Form 10 filing stated.

The separation is on track to be completed in the second half of 2016, the company said.


According to the Form 10 filing, Alcoa Corp's asset base will include "the world's largest bauxite mining portfolio and what we believe is the most attractive global alumina refining system, both with first quartile cost curve positions."

Alcoa Corp. reported 45.3 million bone dry mt of bauxite production in 2015, with ownership in seven active bauxite mines globally, four of which it operates.