Alcoa spinoff will be called Arconic and trade on NYSE


    NEW YORK (AP) — The lightweight-metals business that Alcoa plans to spin off later this year will be called Arconic.

    The new company's ticker symbol will be ARNC and its shares will trade on the New York Stock Exchange, as Alcoa already does.

    Alcoa Inc. announced last September that it would split into two publicly-traded companies in the second half of 2016. On Tuesday, it unveiled the new company's name.

    The bauxite-mining and aluminum-refining business, which has been hurt by stubbornly low prices for aluminum, will stay under the Alcoa name.

    Arconic will take on Alcoa's newer and faster-growing segments including making lightweight parts for autos, airplanes and construction.

    At the split, Alcoa shareholders will own all stock in both companies in a deal designed to qualify as a U.S. income tax-free transaction to shareholders.

    Alcoa shares fell 55 cents, or 5.7 percent, to $9.12 in morning trading. They started the day down 2 percent in 2016.
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