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Arconic Shops Unit That Made Panels in Grenfell Fire
Arconic Shops Unit That Made Panels in Grenfell Fire
Possible sale comes as the company faces takeover approaches from at least two private equity groups
By Bob Tita and Austen Hufford
https://twitter.com/bob_tita
robert.tita@wsj.com
https://twitter.com/austenhufford
austen.hufford@wsj.com
Updated July 31, 2018 1:47 p.m. ET
Arconic Inc. said Tuesday it is looking to sell the business that made the aluminum panels involved in the deadly June 2017 Grenfell Tower fire in London.
Arconic said its building and construction products unit no longer fits with its emphasis on high-value aluminum components for the aerospace industry and auto makers.
The possible sale comes during a strategic review of the company’s business units and as it faces takeover approaches from at least two private-equity groups, according to people familiar with the matter, in what would be one of the biggest recent leveraged buyouts.
Blackstone Group LP and Carlyle Group LP made a joint approach to the aerospace-parts maker, while Apollo Global Management LLC also expressed interest, the people said. Arconic stock is up 24% since The Wall Street Journal reported the private equity interest, including 4% Tuesday.
....
Write to Bob Tita at robert.tita@wsj.com and Austen Hufford at austen.hufford@wsj.com
Appeared in the August 1, 2018, print edition as 'Arconic Puts Panel Maker Up for Sale.'
Possible sale comes as the company faces takeover approaches from at least two private equity groups
By Bob Tita and Austen Hufford
https://twitter.com/bob_tita
robert.tita@wsj.com
https://twitter.com/austenhufford
austen.hufford@wsj.com
Updated July 31, 2018 1:47 p.m. ET
Arconic Inc. said Tuesday it is looking to sell the business that made the aluminum panels involved in the deadly June 2017 Grenfell Tower fire in London.
Arconic said its building and construction products unit no longer fits with its emphasis on high-value aluminum components for the aerospace industry and auto makers.
The possible sale comes during a strategic review of the company’s business units and as it faces takeover approaches from at least two private-equity groups, according to people familiar with the matter, in what would be one of the biggest recent leveraged buyouts.
Blackstone Group LP and Carlyle Group LP made a joint approach to the aerospace-parts maker, while Apollo Global Management LLC also expressed interest, the people said. Arconic stock is up 24% since The Wall Street Journal reported the private equity interest, including 4% Tuesday.
....
Write to Bob Tita at robert.tita@wsj.com and Austen Hufford at austen.hufford@wsj.com
Appeared in the August 1, 2018, print edition as 'Arconic Puts Panel Maker Up for Sale.'
