Fri
Feb 8 2019
01:51 pm

Bloomberg: The company will separate into one company focused on parts making and another on the production of aluminum sheets, Arconic said Friday in a statement as it reported fourth-quarter earnings. One of the units will be spun off, and Arconic will consider a sale of any operations that don’t fit into either of the businesses.

The company also cut their dividend by two-thirds. The rolled sheet business presumably includes the plant in Alcoa. And they only recently finished changing their iconic tower sign after splitting off from Alcoa.

Topics:
bizgrrl's picture

the company’s fourth CEO

the company’s fourth CEO since early 2017.

Arconic is the latest industrial operation to announce a breakup as investors pressure multi-business companies to maximize shareholder value. General Electric Co. is unloading its transportation unit, spinning off its health-care business and selling a stake in Baker Hughes, while United Technologies Corp. is separating its three primary divisions into stand-alone outfits.

Once again private equity hedge funds ruin a company?

R. Neal's picture

Also this:Plant said in the

Also this:

New CEO John Plant said “Having been a director of Arconic since 2016 and chairman of the board since 2017, I have a historical perspective of the company and understand what we can achieve.” (link...)

LOL. Alcoa was founded in 1888 and is over 130 years old.

JaHu's picture

My father hired on at Alcoa,

My father hired on at Alcoa, I guess it was during probably one of their largest hiring booms ever for the company. It was just before World War II. He said they hired so many people that there was such a confusion that workers would clock in, then jump the fence and go to another job, then get back in time to clock out again. My mom and dad actually met working at Alcoa during that time. Not long before my father died, I'd learned that after the war, Alcoa acquired some aluminum processing equipment from Germany and they requested that my father be the one to assemble it. From what I understand, this equipment was very substantial in size. Its always kinda neat finding out about some of the interesing things our parents did while we weren't a part of the picture, if I'd learned this while I was younger it wouldn't have meant as much. Growing up we sometimes only see our parents as food on the table and money for a movie, and never interested in the things in their lives that made them the person they were.
Sorry I really degressed.

Bizgrrl, I'm sorry I'm posting so many stories, I guess sometimes I kinda get in a mood. I promise I'll stop.

bizgrrl's picture

Hey, living in the city named

Hey, living in the city named after Alcoa, I really like hearing stories about the company. They have been great for the community.

JaHu's picture

Speaking of the Alcoa

springbrook pool.jpgSpeaking of the Alcoa community, I'm sure many of the posters here remember when we used to have to swim to get out to the dive platform and the sides of the pool were sloped at Springbrook Pool. But I'm pretty certain no one here can remember when there was a diving wheel attached to the platform? I know I wasn't old enough and pretty positive I wasn't even born at the time. It had to be a liability nightmare.

R. Neal's picture

Cool photo! I remember the

Cool photo! I remember the sloped sides but not the water wheel. I do remember that high dive, though. Scary! I think they took that down a while back.

Sadly, the pool is at risk. It's leaking thousands of gallons per day and repairs will be costly if even possible. There have been some studies and proposals, but I don't recall the details. Maybe the Mrs. does.

JaHu's picture

I wonder if the pool could be

I wonder if the pool could be labled a historical landmark and recieve funds for repairs? I dont know, but there may have been too many changes over the years to quallify? I hope they can locate the problem and are able to repair it. It'd be a shame to close it down.

bizgrrl's picture

Yes it would. It still is

Yes it would. It still is very crowded all season.

bizgrrl's picture

Don't know about the leaking.

Don't know about the leaking. They reported it as a disaster before last season. But, the pool opened and no more reports. Alcoa probably just wants rid of the pool. Or, they want a reason to raise taxes. Or, they want to figure out how the state will pay for repairs. Who knows.

JaHu's picture

I wonder if the earlier

I wonder if the earlier school starts have hurt their revenues?

bizgrrl's picture

It seems like it would. They

It seems like it would. They close the pool mid August when it's still very hot.

bizgrrl's picture

"liability nightmare " Those

"liability nightmare "

Those were the days. :)

JaHu's picture

No truer statement was ever

No truer statement was ever said.

R. Neal's picture

Consultants estimate the cost

Consultants estimate the cost of short-term fixes at $481,250 and long-term repairs at an additional $783,800, according to the report.

Those estimates do not include any soil remediation that may need to happen once workers begin digging around or underneath the pool, Sonner noted.

“You don’t know what you’ve got under there,” he said.

Building a new pool on site within the footprint of the existing pool would cost $4.25 million, consultants estimate.

(link...)

JaHu's picture

40,000 gallons of water seems

40,000 gallons of water seems like an excessive amount to lose per day. From what I can figure, that's about 20% of the pools total capacity of water it loses each day. That's pretty major!
I'm going on an estimated total capacity of about 900,000 gallons of water in the pool.
Does this seem close?

What I don't understand is, I've dealt with underground water leakage before, and there should be signs of the leak somewhere! Unless it was leaking directly into the sewer, or God forbid, into an underground cave, then there should be massive signs above ground of a leak. That much water has to go somewhere.

R. Neal's picture

I thought that 40,000 gallons

I thought that 40,000 gallons per day number sounded wrong. A week or a month maybe?

There's a small creek beside the pool. That's probably where all the water goes.

JaHu's picture

True! It's probably a

True! It's probably a misprint.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

TN Progressive

TN Politics

Knox TN Today

Local TV News

News Sentinel

State News

Local .GOV

Wire Reports

Lost Medicaid Funding

To date, the failure to expand Medicaid/TennCare has cost the State of Tennessee ? in lost federal funding. (Source)

Search and Archives