Alcoa issued a statement on September 28, saying that the company's board of directors has unanimously passed the company's spin-off plan, ready to split into two independent listed companies.
The company will be split into an upstream company (Upstream Company) and a value-adding company (Value-Add Company), the former will retain the name of Alcoa, which includes bauxite, alumina, aluminum, foundry and Five major sectors of energy. The innovation and technology-led value-added company business will include calendered products, engineering products and solutions, as well as transportation and construction solutions. The company has not yet named.
The spin-off is expected to be completed in the second half of 2016. At that time, the company's shareholders will continue to hold all the shares issued by the two companies, and Alcoa hopes to get the US federal income tax exemption for this spin-off.
According to foreign media analysis, Alcoa's spin-off was partly due to the rapid growth of China's production. Alcoa's smelting business has also been sluggish due to the oversupply of the overall aluminum market. As China's consumption this year declines, China Manufacturing also seeks to expand exports, and the price of aluminum metal has fallen by 16% this year.
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