07 APRIL 2017Arconic Press Release
Arconic announces divestiture of its Fusina, Italy rolling mill
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<p>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.</p>
<p><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/cold_roll_storage2.jpg" alt="News" width="517" height="226" /></p>
<p>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.</p>
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<p>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.</p>
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