Arconic announced today that it is seeking a new owner for its Building and Construction Systems (BCS) business, which includes Kawneer Co. Inc.
According to the company’s second quarter financial results released today, in January 2018 Arconic began reviewing its strategy and portfolio. It’s a part of that ongoing review that the company has initiated the sale process of its BCS business.
According to the announcement, the company is targeting completion of the strategic review in the third quarter 2018. Arconic’s Investor Day, which will include the output of the strategic review and associated actions, is expected to be held in November 2018.
In a letter sent to customers, Diana Perreiah, president, Arconic Building and Construction Systems, writes “Obviously, we are at the very beginning of the process, but I wanted to let you know that our commitment to you, our valued customer, remains unchanged by this news. For our team, it’s business as usual and we will continue our focus on delivering for our customers through continued investments, innovation and service.”
In 2016 Alcoa separated into two companies, with one company retaining the Alcoa name and the other—under which Kawneer operates—being called Arconic.
Stay tuned to USGNN.com ™ for updates as they are made available.