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- Arconic, the maker of aluminum products, has collapsed to more than 25% after its board of directors said it was no longer seeking to sell.
- Arconic was separated from the new Alcoa on November 1, 2016.
- Since then, Arconic has been dealing with high aluminum prices and has struggled to meet the demand.
- Watch the live Arconic trade.
Arconic, the maker of aluminum products, crashed to 25% Tuesday morning after his board said he was no longer looking to sell his business.
"Together with management, we have been conducting a rigorous and comprehensive review of the strategy and portfolio over the past year, including a sale of the company," said President John. Plant in a press release issued close to a year ago. after stating that he was commencing a review of the company's strategy and portfolio.
"However, we have not received a full business transaction proposal that we believe would best serve the interests of Arconics shareholders and other stakeholders."
Arconic was separated from the new Alcoa on November 1, 2016. The shares were traded at $ 22.24 each and reached a high of $ 31.37 on January 16, 2018. But since then, they have lost more than a third of their shares. value. having to pay higher aluminum prices as a result of his split from Alcoa. In addition, the company struggled to meet the demand.
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