Arconic Announces $200 Million of Actions to Mitigate COVID-19 Impact
Arconic Corporation (ARNC)
Last arconic corporation earnings: 1/27 06:50 am
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US:NYSE Investor Relations:
arconic.com/global/en/investors/overview.asp
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Source: Business Wire
PITTSBURGH--(BUSINESS WIRE)--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 b
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