On Feb. 8, 2019, Arconic Inc. announced its decision to split itself into two separate companies: Engineered Products & Forgings and Global Rolled Products (GRP). The two businesses will focus on, respectively, the production of finished parts and the production of sheet. The company says it is considering the sale of operations and assets that do not fit its new organizational model. Also, it has reduced its dividend from $.06/share to $.02/share.

This activity is happening in the aftermath of a failed proxy takeover attempt by shareholder Elliott Management Corp. and, more recently, failed talks with Apollo Global Management. According to John Plant, new chairman and CEO, “We did not receive a proposal for a full-company transaction that we believe was in the best interests of our shareholders. The board sees more shareholder value creation through a restructuring of the company.”