After a year-long review of its strategic alternatives and no satisfactory offers, lightweight metals supplier Arconic [ARNC] on Tuesday said it will not sell the business.
“Together with management, we have been conducting a rigorous and comprehensive strategy and portfolio review over the past year and as part of the process considered a sale of the company, among other matters, John Plant, Arconic’s chairman, said in a statement. “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.”
The company began searching for a potential buyer last January when CEO Chip Blankenship came aboard. The review was expected to be completed in the third and then the fourth quarter of 2018.
Arconic supplies lightweight metals such as aluminum and titanium for aerospace, defense, automotive and other industries. The company expects to have around $14 billion in sales this year.
Arconic it will continue with the sale process of its Building and Construction Systems business.
“More broadly, we remain strongly focused on creating value for Arconic shareholders, through continued operational improvements and through other potential initiatives which we have identified in our strategic review,” Plant said.