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Aluminum May 20, 2022 02:15:06 PM

Arconic Looks to Sell Russian Operations

Paul Ploumis
ScrapMonster Author
In connection with the sale, the company may record up to $500 million charge.

Arconic Looks to Sell Russian Operations

SEATTLE (Scrap Monster): Pittsburgh, Pennsylvania-headquartered lightweight metals engineering and manufacturing company Arconic Corporation announced that it plans to sell its operations in Russia.

Following the strict limitations imposed on its Russian operations by the country’s government and the ongoing legal dispute with the Russian Federal Anti-Monopoly Service, the company has undertaken a thoughtful review of strategic alternatives, said the company press release.

The review was conducted in adherence to the company’s nearly two-decade long history of transparency with the U.S. government. Following the review, the company, with the support of the Board of Directors, has decided to pursue the sale of its facility in Samara, in compliance with all applicable laws. In connection with the sale, the company may record up to $500 million charge.

Tim Myers, CEO, Arconic noted that the ongoing conflict in Ukraine has its operation in Russia untenable. The safety and well-being of its more than 3,000 world class employees and their families continues to be the top priority for the company. He appreciated all the hard work of its employees through challenging times and assured them to provide with a successful transition.

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