By Paul Ploumis (ScrapMonster Author)
March 16, 2016 08:19:35 AM
SPOKANE (Scrap Monster): Aluminum giant Alcoa has named its future value-add company as ‘Arconic’. The company will focus on making parts for automotive and aerospace industry. Alcoa has also announced that the tagline of the company would be “Innovation, Engineered”.
According to Alcoa, the first letter ‘A’ in ‘Arconic’ represents its proud Alcoa heritage. Also, ‘arc’ represents the arc of progress and the continued pursuit of advancement for customers, employees, shareholders and communities. ‘conic’ speaks about the company’s history of creating iconic products and its constant focus on the next breakthrough innovation.
“The new Alcoa mark represents a transformed and agile upstream company: resilient against market downswings and poised to capitalize on upswings,” Klaus Kleinfeld, Chairman and CEO, Alcoa says. “And so, with today’s announcements, we move closer to launching two leading-edge companies, each ready to define and seize the future.”
The New York-based aluminum producer had earlier decided to split itself into two separate publicly traded companies. The separation was intended to isolate the company’s parts-making units from its raw aluminum operations. Accordingly it was announced that the upstream company, Alcoa, will take care of the company’s business related to bauxite-mining, alumina-refining, aluminum-production, casting and energy. Also, the second entity was named “value-add company” at the time of announcement of the split earlier.
Estimates indicate that ‘Arconic’ will have around 157 operating locations with 43,000 employees. The company will turn out to be a key supplier to both automotive and aerospace industry. It will also be the leader in commercial aluminum truck wheels and will continue to be the leader in North American architectural system.