NEW YORK (AP) — Shares of Arconic are sliding at the opening bell after the aluminum maker said it’s no longer exploring a sale.
The company formerly known as Alcoa had considered a sale over the past year, but said Tuesday that it didn’t receive any offers it thought was in its best interests.
The maker of aluminum parts for the aviation and automotive industries was created after Alcoa split into two companies in 2016.
Shares in Arconic Inc. have lost about one-third of their value in the past 12 months, at tumbled 20 percent in early trading.
Most Read Business Stories
- Filson to outsource most of remaining Seattle production to California
- Seattle-based Redfin leaves powerful, scandal-rocked Realtor group
- Seattle Hard Rock Cafe to close, costing 66 workers their jobs
- Struggling with defects, Boeing supplier Spirit AeroSystems fires CEO
- New York judge issues limited gag order after Trump sends disparaging post about court clerk