Arconic monetizes Alcoa stake
WEATHERSFIELD — Arconic Inc., which has operations in the township, announced it has monetized more than 60 percent of the 36 million shares it retained in Alcoa Corp.
The New York-based company said Wednesday that the sale of 23 million Alcoa Corp. shares will result in approximately $890 million in proceeds.
Arconic Inc. is one of two companies that previously made up Aloca Inc.
Alcoa acquired RTI International Metals in 2015, including the Weathersfield plant that once served as RTI’s headquarters.
After the separation, Alcoa’s local plant in Weathersfield, formerly RTI, became part of Arconic.
At the separation of Alcoa Inc., Arconic, which makes engineered products for aerospace and other industries, chose to retain a 19.9 percent stake in Alcoa Corp.
The company indicated it would review options for responsibly managing the stake, taking into account its continued upside potential.