Arconic Inc separates into two standalone companies

Posted on: April 1st, 2020 by PhilM

On 1st April, as planned, Arconic Inc separated into two standalone companies – Howmet Aerospace Inc and Arconic Corporation.

The Arconic Fasteners & Rings business, which includes a number of CBM member companies in the United Kingdom, has now become Howmet Fastening Systems, which holds global leadership in aerospace fastening systems and is the North American leader in commercial transportation fasteners. Its companies also manufacture and supply critical components for industrial gas turbines, automobiles, commercial transportation vehicles, construction and industrial equipment. Howmet Engine Systems, Howmet Structure Systems, Howmet Wheel Systems, and Howmet Fastening Systems together generated more than US$ 7 billion in revenue in 2019 – 70% derived from the aerospace market.

The new company is led by co-CEOs John C. Plant, who will also serve as Executive Chairman of the Board, and Tolga Oai, who was previously President of Arconic Engineered Structures.

“Howmet Aerospace, an iconic and storied brand in the aerospace industry, today launches as a standalone company,” said Mr. Plant. “With strong market positions, differentiated technology and collaborative relationships across our customer base, the Company is well-positioned to benefit from a strong and growing aerospace market.” Mr. Plant continued, “Today is the culmination of a year of focus and hard work by our team to establish a strong and competitive company. We will build on that work and continue to serve our customers with precision-engineered and highly innovative products.”

More about Howmet Aerospace and its leadership team can be found at https://www.howmet.com/.

Comments are closed.