Arconic declares $200M share repurchase
WEATHERSFIELD — Arconic, which has a plant in the township, has entered into an accelerated share repurchase agreement with Goldman Sachs & Co. to buy back $200 million of Arconic’s common stock.
Under the agreement announced this week, Arconic will receive initial delivery of 6.8 million shares today. The final number of shares to be repurchased will be based on the volume-weighted average of the company’s common stock during the term of the transaction.
About $400 million in shares remain available for repurchase under prior authorization by Arconic’s board.
Arconic makes aluminum, titanium or nickel parts for planes, cars and electronics.