ARNC - Arconic to pursue sale of Russian operations may record up to $500M charge

Arconic (NYSE:ARNC) says it will look to sell its Russian operations, saying the war in Ukraine has made its position in Russia "untenable," and it expects to record a related charge of as much as $500M. Arconic's (ARNC) metallurgical plant in Samara, Russia, has been in operation since 1960 and is one of the country's largest producers of fabricated aluminum, including a wide variety of flat-rolled and extruded products. As of year-end 2021, cash and cash equivalents held in Russia represented 7% of Arconic's total liquidity. Arconic (ARNC) recently reported Q1 adjusted earnings that missed estimates but raised guidance for full-year revenues and adjusted EBITDA.

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Arconic to pursue sale of Russian operations, may record up to $500M charge