Arconic Inc. shareholders move to reincorporate
WEATHERSFIELD — Arconic Inc.’s shareholders have approved the company’s reincorporation from Pennsylvania to Delaware.
The New York-based company, which operates a local plant in Weathersfield, said the decision was made during a special Thursday meeting.
For the reincorporation to take effect, Arconic shareholders agreed to merge the company with a newly formed subsidiary, incorporated in Delaware. The subsidiary will be the surviving corporation and retain the Arconic Inc. name following the reincorporation.
Shareholders also approved, on an advisory basis, the annual election of the full Arconic board of directors following the reincorporation and that the company’s post-reincorporation certificate of incorporation will not contain any supermajority voting requirements.
Arconic leaders said they expect the move to take effect by Dec. 31.
The company makes aluminum, titanium or nickel parts for planes, cars and electronics.
It spun off from aluminum company Alcoa last year after New York-based Alcoa acquired RTI International Metals in 2015, including the Weathersfield plant that once served as RTI’s headquarters before its main offices were moved to Pittsburgh.