Report: Arconic in talks about potential sale

Arconic Corp., a North Shore-based aerospace parts maker with roots in the Alle-Kiski Valley, is in talks about a potential acquisition.

The Wall Street Journal reported that private-equity firm Apollo Global Management Inc. is looking into buying Arconic Corp. Apollo submitted a bid in February and has debt financing in place.

Arconic’s advisers at Goldman Sachs Group Inc. and Evercore Inc. have reached out to other potential acquirers, WSJ said.

Arconic spun out of Pittsburgh-­based Alcoa in 2016. Alcoa kept the company’s aluminum commodity business. Arconic took the aerospace and automotive aspects of the company.

The Alcoa Technical Center off Route 780 in Upper Burrell was renamed the Arconic Technology Center.

In 2020, Arconic split into two businesses: Howmet Aerospace, focused on engineered products, and Arconic, focused on rolled aluminum products, extrusions and building and construction solutions.

That move followed leadership shake-ups at Arconic, which resulted in its then-chief executive, Klaus Kleinfeld, stepping down and an overhaul of its board, as well as a previous, unsuccessful attempt by Apollo to buy the company. Timothy Myers took over as CEO in 2020.

Arconic was mum on any potential deal.

“As a matter of practice, we do not comment on market rumors or speculation,” the company said in a statement.

Arconic placed four of the seven buildings it owns at the Upper Burrell technology center for sale over the summer. Those buildings still are being marketed, the company said.