- Arconic, the aluminum-products maker, crashed more than 25% after its board of directors said it is no longer pursing a sale.
- Arconic was separated from the new Alcoa on November 1, 2016.
- Since then, Arconic has dealt high aluminum prices and struggled to keep up with demand.
- Watch Arconic trade live.
Arconic, the aluminum-products maker, crashed 25% Tuesday morning after its board of directors said it is no longer pursing a sale of the company.
"Together with management, we have been conducting a rigorous and comprehensive strategy and portfolio review
over the past year and as part of that process considered a sale of the company, among other matters," chairman John Plant said in a press release nearly a year after he said he was initiating a strategy and portfolio review of the company.
"However, we did not receive a proposal for a full-company transaction that we believe would be in the best interests of Arconic’s shareholders and other stakeholders."
Arconic was separated from the new Alcoa on November 1, 2016. Shares debuted for trading at $22.24 apiece and put in a high of $31.37 on January 16, 2018. But they have since lost more than a third of their value as Arconic has grappled with having to pay higher aluminum prices following its split from Alcoa. Additionally, the company has struggled to keep up with demand.
NOW WATCH: China made an artificial star that's 6 times as hot as the sun, and it could be the future of energy
See Also:
