Alcoa Corporation Consolidates Administrative Locations
20 April 2017 - 6:10AM
Business Wire
Company to streamline administrative locations
globally to reduce complexity and lower costs
Alcoa Corporation (NYSE: AA), a global leader in bauxite,
alumina and aluminum products, today announced that it will
consolidate administrative locations around the globe as it
continues to streamline the Company and lower costs.
Alcoa will close its New York City office and move its global
headquarters and principal executive office to its existing
location in Pittsburgh as of September 1, 2017. In addition, within
the next 18 months, another seven administrative locations across
the U.S., Europe and Asia will also close and affected employees
will relocate to remaining office locations or operating facilities
or will telecommute. As a result of today’s announcement, Alcoa
expects annual savings of $5 million in corporate overhead once the
changes are fully implemented.
“We are taking every opportunity to streamline Alcoa to reduce
complexity,” said Roy Harvey, Chief Executive Officer of Alcoa.
“Today’s announcement is another step in our drive to be a more
competitive, operator-centric Company, with smaller corporate
overhead, focused on profitable and successful operations.”
As part of its strategic priority to reduce complexity, earlier
this year, Alcoa consolidated its business units. The Company
combined the aluminum smelting, cast products and rolled products
businesses, along with the majority of the energy segment assets,
into a new Alcoa Aluminum business unit. The Company’s three
business units are Alcoa Bauxite, Alcoa Alumina and Alcoa
Aluminum.
About Alcoa Corporation
Alcoa (NYSE: AA) is a global industry leader in bauxite,
alumina, and aluminum products, with a strong portfolio of
value-added cast and rolled products and substantial energy assets.
Alcoa is built on a foundation of strong values and operating
excellence dating back nearly 130 years to the world-changing
discovery that made aluminum an affordable and vital part of modern
life. Since inventing the aluminum industry, and throughout our
history, our talented Alcoans have followed on with breakthrough
innovations and best practices that have led to efficiency, safety,
sustainability, and stronger communities wherever we operate. Visit
us online at www.alcoa.com, follow @Alcoa on Twitter and on
Facebook.
We have included the above website addresses only as inactive
textual references and do not intend these to be active links to
such websites. Information contained on such websites or that can
be accessed through such websites does not constitute a part of
this press release.
Dissemination of Company Information
Alcoa Corporation intends to make future announcements regarding
company developments and financial performance through its website
at www.alcoa.com.
Forward-Looking Statements
This press release contains statements that relate to future
events and expectations and as such constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include those
containing such words as “anticipates,” “believes,” “could,”
“estimates,” “expects,” “forecasts,” “intends,” “may,” “outlook,”
“plans,” “projects,” “seeks,” “sees,” “should,” “targets,” “will,”
“would,” or other words of similar meaning. All statements that
reflect the Company’s expectations, assumptions or projections
about the future, other than statements of historical fact, are
forward-looking statements. Forward-looking statements are not
guarantees of future performance and are subject to known and
unknown risks, uncertainties, and changes in circumstances that are
difficult to predict. Although the Company believes that the
expectations reflected in any forward-looking statements are based
on reasonable assumptions, it can give no assurance that these
expectations will be attained and it is possible that actual
results may differ materially from those indicated by these
forward-looking statements due to a variety of risks and
uncertainties. Additional information concerning factors that could
cause actual results to differ materially from those projected in
the forward-looking statements is contained in our filings with the
Securities and Exchange Commission. The Company disclaims any
obligation to update publicly any forward-looking statements,
whether in response to new information, future events or otherwise,
except as required by applicable law.
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version on businesswire.com: http://www.businesswire.com/news/home/20170419005840/en/
Alcoa CorporationInvestor Contact:James Dwyer,
212-518-5450James.Dwyer@alcoa.comorMedia Contacts:Monica Orbe,
212-518-5455Monica.Orbe@alcoa.com
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