Alcoa set to split business in two
Fasteners manufacturer Alcoa in Telford is set for a new name amid plans by the US metals giant to split its business in two.
Alcoa, which is listed on the New York Stock Exchange, is set to split apart its upstream division, which produces raw products including bauxite, alumina and aluminium, from its product making arm.
The product-making arm of the business has yet to be named, but the split is expected to be completed in the second half of next year.
"Inventing and reinventing has defined our Company throughout its 126-year history," said Klaus Kleinfeld, Alcoa's chairman and chief executive.
"With the unanimous support of Alcoa's Board we now take the next step; launching two leading-edge companies, each with distinct and compelling opportunities, and each ready to seize the future."
The Telford site is one of 157 locations around the world which will make up the newly spun-off business, which in total will employ a total of 43,000 staff.
The new company achieved revenues in the year to June 30 of 14.5 billion US dollars (£9.5 billion).
