Pittsburgh-based Arconic Inc recently split into two standalone companies—Howmet Aerospace, specializing in advanced engineered solutions, and Arconic Corporation.
Howmet Aerospace, which includes Howmet Fastening Systems, now trades on the New York Stock Exchange under the ticker “HWM,” the company said. Howmet Fastening is a manufacturer of industrial fasteners, latches, bearings, fluid fittings and installation tools for a variety of industries, including commercial vehicles.
“(This) is the culmination of a year of focus and hard work by our team to establish a strong and competitive company,” said John C Plant, who will lead the new Howmet Aerospace as co-chief executive officer along with Tolga Oal, who previously served as president of Arconic Engineered Structures.
“We will build on that work and continue to serve our customers with precision engineered and highly innovative products.”
The businesses comprising Howmet Aerospace generated more than $7 billion in revenue in 2019, up 5% from the prior year, with more than 70% of Howmet’s revenue derived from the aerospace market.
Howmet, a brand with more than 90 years of history, includes engine products, fastening systems, engineered structures and forged wheels businesses. The company is using its technological capabilities to support innovation and growth in more fuel-efficient, sustainable ground transportation, and quieter aerospace engines.
“With strong market positions, differentiated technology and collaborative relationships across our customer base, the company is well-positioned to benefit from a strong and growing aerospace market,” Plant said.
Visit howmet.com to learn more.