The separation of Arconic Inc. into two standalone companies – Arconic Corporation and Howmet Aerospace Inc – was completed on 1 April 2020.
Arconic Corporation will be led by chief executive Tim Myers, who was previously the group president of the business segments that now comprise the new standalone company. The company focuses on the production of aluminium sheet, plate, extruded and architectural products that primarily advance the ground transport, aerospace, industrial, packaging and commercial building markets. In 2019, these businesses generated USD7.3 billion in revenue.
“Arconic Corporation has been a leader in aluminium products innovation since its predecessor founded the company in 1888. Our unique portfolio of assets and dedicated people around the world set Arconic apart from its peers,” says Myers.
Separation creates two leaders in their field of business
Howmet Aerospace (the new name for Arconic Inc.) focuses on advanced engineered solutions for the aerospace and transport industries. The new company will be led by co-chief executive John C. Plant, who will also serve as executive chairman of the board, and Tolga Oal, who previously served as president of Arconic Engineered Structures.
The company’s primary businesses focus on jet engine components, aerospace fastening systems, and titanium structural parts necessary for mission-critical performance and efficiency in aerospace and defence applications, as well as forged wheels for commercial transport. With nearly 1,300 granted and pending patents, the company’s differentiated technologies enable lighter, more fuel-efficient aircraft to operate with a lower carbon footprint.
In 2019, this business generated more than USD7 billion in revenue, with more than 70% of the revenue derived from the aerospace market. “With strong market positions, differentiated technology and collaborative relationships across our customer base, the company is well-positioned to benefit from a strong and growing aerospace market,” said Plant.
Both companies are headquartered in Pittsburgh, Pennsylvania, USA.