Deals
Alcoa to Split Into Two Publicly Traded Companies
- Move follows CEO Kleinfeld's focus on valued-added operations
- Kleinfeld to lead new, as-yet-unnamed downstream company
Alcoa Announces Split Into Two Public Companies
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Alcoa Inc., the top U.S. aluminum maker, will break itself up by separating manufacturing operations from a legacy smelting and refining business that’s struggling to overcome booming production from China.
The transaction will create an as-yet-unnamed company comprising Alcoa’s downstream production assets, including those that make components for the auto and aerospace industries. The name Alcoa will be retained by the upstream business, which mines bauxite, refines alumina and smelts aluminum, it said Monday in a statement.