Alcoa Files Form 10 With SEC For Planned Business Split
Zacks Investment Research | Jun 30, 2016 08:41AM ET
Alcoa (NYSE:AA) has reached a key milestone in its earlier-announced planned separation of its smelting and refining business from those that cater to aerospace and automotive markets.
The aluminium giant, in Sep 2015, said that it is splitting into two standalone, publicly-traded companies to shore up growth amid a challenging operating environment. The separation will result in the creation of two standalone, Fortune 500 entities – “The Upstream Company” and “The Value-Add Company”. The future Value-Add Company will be named “Arconic Inc.” while the Upstream Company will be renamed ‘Alcoa Corporation’ prior to the separation.
Alcoa said yesterday that it has filed an initial registration statement on Form 10 with the U.S. Securities and Exchange Commission (“SEC)” for the planned separation. The filing – an important milestone for the business split – includes preliminary detailed information (including business and strategy and historical financial information) about Alcoa Corporation as a standalone company. It is subject to change before the completion of the split.
The separation, which remains subject to satisfaction of certain conditions including final clearance from Alcoa’s board and the effectiveness of the Form 10, is expected to complete in the second half of 2016.
Alcoa’s shares closed around 2.5% lower at $9.10 yesterday.
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