Arconic Completes Sale of Russian Operations
16 11월 2022 - 6:15AM
Business Wire
Arconic Corporation (NYSE: ARNC) (“Arconic” or the “Company”)
announced today that the Company completed the sale of 100% of its
Russian operations to Promishlennie Investitsii LLC, the majority
owner of VSMPO-AVISMA Corporation, for cash proceeds of $230
million.
The transaction closed after Arconic received all required
approvals, resulting in the receipt of $230 million of cash
consideration for all of the Company’s Russian assets. Cash held in
Russia was not available for distribution to the parent company
because of litigation initiated in March 2020 by the Federal
Antimonopoly Service of The Russian Federation (“FAS”). Arconic
sold the entities that were subject to the FAS restrictions and
therefore considers its involvement in the FAS lawsuit to be
resolved as a result of the divestiture.
Tim Myers, Chief Executive Officer, said, “The assets of our
Russian business have been restricted since prior to our emergence
as a standalone company in April 2020. Operating in Russia only
became more difficult and our ability to operate going forward
became increasingly uncertain in light of the current geopolitical
environment. This transaction supports our investments in future
returns to our shareholders. I want to thank the remarkable team at
our Russian operations that kept the facility running well through
these most difficult circumstances.“
About Arconic Corporation
Arconic Corporation (NYSE: ARNC), headquartered in Pittsburgh,
Pennsylvania, is a leading provider of aluminum sheet, plate, and
extrusions, as well as innovative architectural products, that
advance the ground transportation, aerospace, building and
construction, industrial and packaging end markets. For more
information: www.arconic.com.
Dissemination of Company Information
Arconic intends to make future announcements regarding Company
developments and financial performance through its website at
www.arconic.com.
Forward-Looking Statements
This release contains statements that relate to future events
and expectations and, as such, constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include those
containing such words as "anticipates," "believes," "could,"
"estimates," "expects," "forecasts," "goal," "guidance," "intends,"
"may," "outlook," "plans," "projects," "seeks," "sees," "should,"
"targets," "will," "would," or other words of similar meaning. All
statements that reflect Arconic’s expectations, assumptions,
projections, beliefs or opinions about the future, other than
statements of historical fact, are forward-looking statements,
including, without limitation, statements, relating to the
condition of, or trends or developments in, the ground
transportation, aerospace, building and construction, industrial,
packaging and other end markets; Arconic’s future financial
results, operating performance, working capital, cash flows,
liquidity and financial position; cost savings and restructuring
programs; Arconic's strategies, outlook, business and financial
prospects; share repurchases; costs associated with pension and
other post-retirement benefit plans; projected sources of cash
flow; and potential legal liability. These statements reflect
beliefs and assumptions that are based on Arconic’s perception of
historical trends, current conditions and expected future
developments, as well as other factors Arconic believes are
appropriate in the circumstances. Forward-looking statements are
not guarantees of future performance, and actual results may differ
materially from those indicated by these forward-looking statements
due to a variety of risks, uncertainties and changes in
circumstances, many of which are beyond Arconic’s control. Such
risks and uncertainties include, but are not limited to: (a)
continuing uncertainty regarding the duration and impact of the
COVID-19 pandemic on our business and the businesses of our
customers and suppliers including labor shortages and increased
quarantine rates; (b) deterioration in global economic and
financial market conditions generally; (c) unfavorable changes in
the end markets we serve; (d) the inability to achieve the level of
revenue growth, cash generation, cost savings, benefits of our
management of legacy liabilities, improvement in profitability and
margins, fiscal discipline, or strengthening of competitiveness and
operations anticipated or targeted; (e) adverse changes in discount
rates or investment returns on pension assets; (f) competition from
new product offerings, disruptive technologies, industry
consolidation or other developments; (g) the loss of significant
customers or adverse changes in customers’ business or financial
condition; (h) manufacturing difficulties or other issues that
impact product performance, quality or safety; (i) the impact of
pricing volatility in raw materials and inflationary pressures on
our costs of production, including energy; (j) a significant
downturn in the business or financial condition of a key supplier
or other supply chain disruptions; (k) challenges to or
infringements on our intellectual property rights; (l) the
inability to successfully implement our re-entry into the U.S.
packaging market or to realize the expected benefits of other
strategic initiatives or projects; (m) the inability to identify or
successfully respond to changing trends in our end markets; (n) the
impact of potential cyber attacks and information technology or
data security breaches; (o) geopolitical, economic, and regulatory
risks relating to our global operations, including compliance with
U.S. and foreign trade and tax laws, potential expropriation of
properties located outside the U.S., sanctions, tariffs, embargoes
and other regulations; (p) the outcome of contingencies, including
legal proceedings, government or regulatory investigations, and
environmental remediation and compliance matters; (q) the impact of
the sale of our Russian operations on our business and operations;
(r) the impact of the ongoing conflict between Russia and Ukraine
on economic conditions in general and on our business and
operations, including sanctions, tariffs, and increased energy
prices; and (s) the other risk factors summarized in Arconic’s Form
10-K for the year ended December 31, 2021 and other reports filed
with the U.S. Securities and Exchange Commission (SEC). The above
list of factors is not exhaustive or necessarily in order of
importance. Market projections are subject to the risks discussed
above and in this release, and other risks in the market. The
statements in this release are made as of the date of this release,
even if subsequently made available by Arconic on its website or
otherwise. Arconic disclaims any intention or obligation to update
publicly any forward-looking statements, whether in response to new
information, future events, or otherwise, except as required by
applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20221115006431/en/
Investor Contact Shane Rourke (412) 315-2984
Investor.Relations@arconic.com
Media Contact Tracie Gliozzi (412) 992-2525
Tracie.Gliozzi@arconic.com
Arconic (NYSE:ARNC)
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