Arconic announces divestiture of its Fusina, Italy rolling mill
Arconic Inc. announced the divestiture of its Fusina, Italy rolling mill to Slim Aluminium on April 6 2017. The transaction follows a thorough review process and is part of Arconic Global Rolled Products’ (GRP) continued drive to convert the business from a commodity producer to a high-margin aerospace and automotive supplier.
Arconic expects to record restructuring-related charges representing the loss on sale of approximately $60 million after tax, or $0.12 per diluted share, in its Statement of Consolidated Operations for the first quarter of 2017. The charges primarily relate to the non-cash impairment of the net book value of the business as well as the injection of $10 million in cash into the business prior to its sale.
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GRP has increased its adjusted EBITDA margin by 890 basis points – from 3 percent in 2008 to 11.9 percent in 2016 – through portfolio optimization, manufacturing excellence and commercializing innovations.
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