Howmet Aerospace, a provider of engineered metal products and fasteners, has officially launched as its own standalone company after the separation from Arconic Inc. Arconic specializes in lightweight materials and engineering.
Both companies will now work separately. Howmet Aerospace has begun trading on the New York Stock Exchange under the ticker “HWM.”
In 2019, the two businesses — which included Howmet Aerospace — generated more than $7 billion in revenue, up 5% from the prior year. More than 70% of Howmet’s revenue derived from the aerospace market.
Today, Howmet Aerospace has the technological capabilities to support the innovation and growth of next-generation aerospace programs. Composed of engine products, fastening systems, engineered structures, and forged wheels businesses, Howmet Aerospace is transforming the next phase of more fuel-efficient, quieter aerospace engines and sustainable ground transportation.
The new company will be led by co-CEO, John C. Plant, who will also serve as executive chairman of the Board, and Tolga Oal, who previously served as president of Arconic Engineered Structures.
“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,” said Plant, “Today, is the culmination of a year of focus and hard work by our team to establish a strong and competitive company. We will build on that work and continue to serve our customers with precision-engineered and highly innovative products.”