Arconic to pursue sale of Russian operations, may record up to $500M charge (NYSE:ARNC)

Arconic to pursue sale of Russian operations, may record up to $500M charge (NYSE:ARNC)

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Arconic (NYSE:ARNC) said on Thursday that it will look to sell its Russian operations, saying the war in Ukraine and an ongoing legal dispute with the Russian Federal Anti-Monopoly Service have made its position in Russia “untenable,” and it expects to record a related charge of as much as $500M.

Arconic’s (ARNC) metallurgical plant in Samara, Russia, has been in operation since 1960 and is one of the country’s largest producers of fabricated aluminum, including a wide variety of flat-rolled and extruded products.

As of year-end 2021, cash and cash equivalents held in Russia represented 7% of Arconic’s total liquidity.

Arconic (ARNC) recently reported Q1 adjusted earnings that missed estimates but raised guidance for full-year revenues and adjusted EBITDA.

Originally Posted on: https://seekingalpha.com/news/3841194-arconic-to-pursue-sale-of-russian-operations-may-record-up-to-500m-charge?source=feed_tag_commodities
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