0001790982-20-000060.txt : 20200408 0001790982-20-000060.hdr.sgml : 20200408 20200408084712 ACCESSION NUMBER: 0001790982-20-000060 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20200408 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200408 DATE AS OF CHANGE: 20200408 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Arconic Corp CENTRAL INDEX KEY: 0001790982 STANDARD INDUSTRIAL CLASSIFICATION: ROLLING DRAWING & EXTRUDING OF NONFERROUS METALS [3350] IRS NUMBER: 842745636 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39162 FILM NUMBER: 20781226 BUSINESS ADDRESS: STREET 1: 201 ISABELLA STREET CITY: PITTSBURGH STATE: PA ZIP: 15212-5872 BUSINESS PHONE: (412) 992-2500 MAIL ADDRESS: STREET 1: 201 ISABELLA STREET CITY: PITTSBURGH STATE: PA ZIP: 15212-5872 FORMER COMPANY: FORMER CONFORMED NAME: Arconic Rolled Products Corp DATE OF NAME CHANGE: 20191011 8-K 1 form8-k.htm 8-K Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 FORM 8-K
 
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): April 8, 2020
 
 
 
ARCONIC CORPORATION
(Exact name of registrant as specified in its charter)
 
 
 
Delaware
 
001-39162
 
84-2745636
(State or other jurisdiction of incorporation)
 
(Commission File Number)
 
(IRS Employer
Identification No.)
 
201 Isabella Street, Suite 400
 
 
Pittsburgh, Pennsylvania
 
15212
(Address of principal executive offices)
 
(Zip Code)
 
(412) 992-2500
(Registrant’s telephone number, including area code)
________________________________________________ 
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
ARNC
New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐





Item 7.01    Regulation FD Disclosure.
On April 8, 2020, Arconic Corporation (the “Company”) issued a press release announcing measures to further mitigate COVID-19 impacts on the Company’s business. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.
The information set forth in this Item, including  Exhibit 99.1 attached hereto, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits
         
Exhibit No.
Exhibit
Press Release of Arconic Corporation, issued April 8, 2020





SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
 
Date: April 8, 2020
 
 
 
ARCONIC CORPORATION
 
 
 
 
 
 
 
 
By:
 
/s/ Erick R. Asmussen
 
 
 
 
 
 
Name: Erick R. Asmussen
Title: Executive Vice President and Chief Financial Officer




 EX-99.1 2 ex99-1.htm EXHIBIT 99.1 Exhibit


Exhibit 99.1



FOR IMMEDIATE RELEASE

Investor Contact          Media Contact
Jason Secore        Tracie Gliozzi
Shane Rourke    (412) 992-2525
(412) 315-2984    Tracie.Gliozzi@arconic.com


Arconic Announces $200 Million of Actions to Mitigate COVID-19 Impact

PITTSBURGH, PA – April 8, 2020 – Arconic Corporation (NYSE: ARNC) announced today that its Board of Directors approved several measures to further mitigate COVID-19 impacts on the Company.

Chief Executive Officer Tim Myers said, “Arconic was launched with a strong balance sheet and capital structure. Additionally, we have built tremendous momentum through 2019 and into this year by driving improved operational and financial performance. However, as COVID-19 continues to escalate throughout the world, we are taking aggressive actions to increase the safety of our employees, respond to decreasing demand, and preserve the financial strength of our business.”

The Company is implementing mitigating actions effective immediately that are estimated to reduce operating costs by approximately $150 million on an annualized run-rate basis. These actions as well capital reductions of $50 million will improve the Company’s financial profile by approximately $200 million. The following actions will be in effect until market conditions warrant:
•
The CEO’s salary and the Board of Directors’ annual cash retainer will be reduced by 30%.
•
Senior-level management will incur a 20% salary reduction and all other salaried employees will incur a 10% salary reduction.
•
The salaried workforce will be restructured targeting a 10% reduction.
•
Adjusting to our customers’ reduced requirements, our Tennessee and New York facilities have been idled until demand returns.
•
All other US-based rolling and extrusion facilities will decrease production and operate with a reduced labor force through shortened work weeks, shift reductions, layoffs, and the elimination of temporary workers and contractors.
•
All rolling mill facilities in Europe, China and Russia will modify schedules, adjust work hours, lower costs, and delay raises.
•
The 401K match program will be suspended for salaried employees.
•
Capital expenditures will be reduced by approximately $50 million or approximately 30%.

“The Board supports management’s plan to swiftly and actively mitigate the impact from COVID-19,” said Frederick “Fritz” Henderson, Chairman of the Board. “We are taking these actions as well as others as necessary to preserve our financial strength for the long-term benefit of all of our key stakeholders,” he added.

Mr. Myers said, “Arconic employees have strong values that have been proven time and again, and their safety is our highest priority. We are heightening measures at all of our locations to maintain strict hygiene, increase social distancing, and enable employees to work remotely where possible.” He added,





“I am confident we will overcome present challenges to achieve sustainability and industry-leading growth well into the future.”


About Arconic Corporation

Arconic Corporation (NYSE: ARNC), headquartered in Pittsburgh, Pennsylvania, is a leading provider of aluminum sheet, plate and extrusions, as well as innovative architectural products, that advance the ground transportation, aerospace, industrial, packaging and building and construction markets. For more information, visit www.arconic.com.

Forward-Looking Statements

This release contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” goal,” “guidance,” “intends,” “may,” “outlook,” “plans,” “projects,” “seeks,” “sees,” “should,” “targets,” “will,” “would,” or other words of similar meaning. All statements that reflect Arconic Corporation’s expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, forecasts and expectations relating to customer demand; statements and guidance regarding future financial results or operating performance; reduction in operating costs and capital expenditures; statements regarding future actions to mitigate the impact of COVID-19; and statements about Arconic Corporation’s strategies, outlook, business and financial prospects. These statements reflect beliefs and assumptions that are based on Arconic Corporation’s perception of historical trends, current conditions and expected future developments, as well as other factors Arconic Corporation believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Although Arconic Corporation believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties, include, but are not limited to: (a) the possible impacts and our preparedness to respond to implications of COVID-19 and (b) the other risk factors summarized in Arconic Corporation’s Form 10-K for the year ended December 31, 2019 and other reports filed with the U.S. Securities and Exchange Commission. Market projections are subject to the risks discussed above and other risks in the market. The statements in this release are made as of the date of this release, even if subsequently made available by Arconic Corporation on its website or otherwise. Arconic Corporation disclaims any intention or obligation to update publicly any forward-looking statements, whether in response to new information, future events, or otherwise, except as required by applicable law.