NEW YORK--(BUSINESS WIRE)--Arconic Inc. (NYSE: ARNC) announced today its receipt of a portion of the proceeds from the sale of the Yadkin Hydroelectric Project (Yadkin) to Cube Hydro Carolinas by Alcoa Power Generating Inc., a subsidiary of Alcoa Corporation. Yadkin encompasses four hydroelectric power developments (reservoirs, dams and powerhouses), known as High Rock, Tuckertown, Narrows and Falls, situated along a 38-mile stretch of the Yadkin River through central North Carolina.
The sale agreement was originally announced in July 2016 as part of the Company’s strategy to continue to strengthen its balance sheet and maximize cash flow through sales of non-essential assets.
Upon the separation of Alcoa Corporation from Arconic Inc. on November 1, 2016, Alcoa Power Generating Inc., including Yadkin, became part of Alcoa Corporation. Under an agreement reached as part of the separation, Alcoa Corporation was to remit to Arconic the net after-tax proceeds from the sale of Yadkin. Arconic has received cash of $238 million in the first quarter of 2017; the Company expects to receive an additional $5 million in the second quarter of 2017.
Arconic (NYSE: ARNC) creates breakthrough products that shape industries. Working in close partnership with our customers, we solve complex engineering challenges to transform the way we fly, drive, build and power. Through the ingenuity of our people and cutting-edge advanced manufacturing techniques, we deliver these products at a quality and efficiency that ensure customer success and shareholder value. For more information: www.arconic.com. Follow @arconic: Twitter, Instagram, Facebook, LinkedIn and YouTube.
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