Howmet Aerospace

{{short description|American industrial company}} {{Infobox company | name = Howmet Aerospace Inc. | logo = Howmet Aerospace logo.svg | former_name = Alcoa Inc.,<br>Arconic Inc. | type = [[Public company|Public]] | traded_as = {{Unbulleted list|{{New York Stock Exchange|HWM}} |[[S&P 500]] component}} | ISIN = {{ISIN|US4432011082|sl=no}} | industry = [[Aerospace industry|Aerospace]] | founded = {{Start date and age|1888}} in [[Pittsburgh, Pennsylvania]], U.S., (as Alcoa Inc.) | hq_location_city = [[Pittsburgh, Pennsylvania]] | hq_location_country = U.S. | key_people = {{Unbulleted list | [[John C. Plant]], ([[Chairman|Executive Chairman]] & [[Chief executive officer|CEO]]) }} | revenue = {{increase}} {{US$|7.43 billion|link=yes}} (2024) | operating_income = {{increase}} {{US$|1.63 billion}} (2024) | net_income = {{increase}} {{US$|1.16 billion}} (2024) | assets = {{increase}} {{US$|10.5 billion}} (2024) | equity = {{increase}} {{US$|4.55 billion}} (2024) | num_employees = 23,930 (2024) | owner = | website = {{URL|https://howmet.com}} | footnotes = <ref>{{Cite web |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/4281/000000428125000011/hwm-20241231.htm |title=2024 Annual Report (Form 10-K) |date=February 14, 2025 |publisher=U.S. Securities and Exchange Commission}}</ref> }}

'''Howmet Aerospace Inc.''' is an American aerospace company based in [[Pittsburgh|Pittsburgh, Pennsylvania]]. The company manufactures components for jet engines, fasteners, titanium structures for aerospace applications, and forged aluminum wheels for heavy trucks.<ref>{{Cite web|url=https://www.howmet.com/markets-and-product-lines/|title=Markets & Product Lines {{!}} Howmet Aerospace|website=Howmet.com|language=en|access-date=2020-04-07}}</ref>

The firm operates 27 facilities in the [[United States]], [[Canada]], [[Mexico]], [[France]], the [[United Kingdom]], China, Brazil, [[Hungary]] and [[Japan]].

==History == ===Before Alcoa acquisition=== Howmet's roots go back to 1926, when Austenal, a company that manufactured materials for dental appliances, was founded. Its founders, Reiner Erdle and Charles Prange, worked to improve investment chrome base castings using two separate investments: The first coating, named "protective coat", gives a smooth finish. It was smothered with alcohol binder investment to obtain a correct expansion. This technology replaced gold alloy with [[vitallium]] and was popular during the [[Great Depression]].

During the 1930s, Austenal expanded into aircraft engine [[superchargers]] with superior castings when [[General Electric]] asked for help to improve manufacturing practices for wartime production demands.

In 1958, Howe Sound Company, a metals and mining business, acquired Austenal. In 1959, Howe acquired Michigan Steel Casting Co. (MISCO), which provided the monolithic shell process. This process uses a [[Ceramic shell casting|ceramic shell]] with thin, strong walls to increase control of the solidification process and produce a sounder [[casting]].

Howe became Howmet in 1965, marking a transition from a mining company to a manufacturer of precision metal products. Howmet, in turn, was purchased in 1975 by [[Pechiney]], a multinational aluminum company. In 1989, Pechiney purchased the Cercast group of companies, bringing Howmet into the aluminum casting industry.

In 1995, Pechiney sold Howmet to a joint venture between [[Thiokol]] and [[The Carlyle Group]]. By late 1997, the ownership structure of Howmet had become Thiokol, with 62% ownership, Carlyle 23%, and the public 15%. In 1998, Thiokol changed its name to Cordant Technologies Inc.; by February 1999, Cordant owned 84.7% of Howmet.

===As Alcoa Inc. and Arconic Inc.=== In 2000, Cordant sold its stake in Howmet to [[Alcoa]], which placed Howmet into its Alcoa Industrial Components unit. In 2004, Howmet was part of a merger that created Alcoa Investment Casting and Forged Products unit. In 2007, Howmet was renamed Alcoa Howmet as a newly formed Alcoa Power and Propulsion unit division.

On November 1, 2016, Alcoa Inc. spun off its [[bauxite]], [[alumina]], and aluminum operations to a new company called [[Alcoa|Alcoa Corp.]]<ref name="NBR">{{cite web|last1=DIETZ|first1=MARGREET|title=While you were sleeping: UPDATED Oil report lifts US stocks|url=http://www.nbr.co.nz/article/while-you-were-sleeping-oil-report-lifts-mood-b-187463|website=NBR|access-date=18 April 2016|archive-date=23 April 2016|archive-url=https://web.archive.org/web/20160423102048/http://www.nbr.co.nz/article/while-you-were-sleeping-oil-report-lifts-mood-b-187463|url-status=dead}}</ref><ref name="CNBC">{{cite web|last1=Stevenson|first1=Abigail|title=Cramer Remix: A surprising outlook for earnings|url=https://www.cnbc.com/2016/04/11/cramer-remix-a-surprising-outlook-for-earnings.html|website=CNBC|date=11 April 2016 |access-date=18 April 2016}}</ref><ref name="Bloomberg no junk">{{cite web|last1=Deaux|first1=Joe|title=One Down, Two to Go for Alcoa as S&P Signals No Junk for Arconic|url=https://www.bloomberg.com/news/articles/2016-09-20/one-down-two-to-go-for-alcoa-as-s-p-signals-no-junk-for-arconic|website=Bloomberg|date=20 September 2016 |access-date=25 September 2016}}</ref><ref name="Alcoa Inc. Press Release">{{cite web|title=Alcoa Inc. Board of Directors Approves Separation of Company |url=http://news.alcoa.com/press-release/alcoa-inc-board-directors-approves-separation-company|website=Alcoa|publisher=Alcoa Inc.|access-date=28 May 2018}}</ref><ref name="Arconic sells 60 percent stake in Alcoa for $890 million">{{cite web|title=Arconic sells 60 percent stake in Alcoa for $890 million |work=Reuters |date=15 February 2017 |url=https://www.reuters.com/article/us-alcoa-corp-equity-arconic/arconic-sells-60-percent-stake-in-alcoa-for-890-million-idUSKBN15U1OY|access-date=28 May 2018}}</ref><ref name="Dubious Corporate Practices Get a Rubber Stamp From Big Investors">{{cite web|title=Dubious Corporate Practices Get a Rubber Stamp From Big Investors | website=[[The New York Times]] | date=19 May 2017 |url=https://www.nytimes.com/2017/05/19/business/gretchen-morgenson-arconic-activist-investors.html?rref=collection%2Ftimestopic%2FAlcoa&action=click&contentCollection=business&region=stream&module=stream_unit&version=latest&contentPlacement=1&pgtype=collection|access-date=28 May 2018 | last1=Morgenson | first1=Gretchen }}</ref> Alcoa Inc. was renamed Arconic Inc.,<ref name="LancasterOnline">{{cite web|last1=Mekeel|first1=Tim|title=Alcoa spinoff to be named Arconic, to include Manheim Pike plant|url=http://lancasteronline.com/business/local_business/alcoa-spinoff-to-be-named-arconic-to-include-manheim-pike/article_74a2393c-f032-11e5-bb7f-fb8ef064b469.html|access-date=18 April 2016|website=LancasterOnline|date=22 March 2016 }}</ref><ref name="Pittsburgh Post-Gazette">{{cite web|last1=Boselovic|first1=Len|title=New Alcoa company christened Arconic|url=http://www.post-gazette.com/business/pittsburgh-company-news/2016/03/16/New-Alcoa-company-christened-Arconic/stories/201603160036|access-date=18 April 2016|website=Pittsburgh Post-Gazette}}</ref><ref name="Fortune">{{cite web|last1=Hackett|first1=Robert|title=Meet Arconic: Alcoa's Spinoff Aerospace and Auto Firm|url=http://fortune.com/2016/03/16/meet-arconic-alcoas-spinoff-aerospace-and-auto-firm/|access-date=18 April 2016|website=Fortune}}</ref> and retained the operations in aluminum rolling (excluding the Warrick operations), aluminum plate, precision castings, and aerospace and industrial fasteners.<ref name="Alcoa Inc. Press Release" /><ref name="Arconic sells 60 percent stake in Alcoa for $890 million" /><ref name="Dubious Corporate Practices Get a Rubber Stamp From Big Investors" /><ref name="Wall Street Journal">{{cite web|last1=MILLER|first1=JOHN W.|title=Alcoa Spinoff Arconic to Focus on Aerospace, Auto|url=https://www.wsj.com/articles/alcoa-spinoff-arconic-to-focus-on-aerospace-auto-1458051297|website=Wall Street Journal|date=15 March 2016 |access-date=18 April 2016}}</ref><ref name="The Motley Fool">{{cite web|last1=Hall|first1=Jason|title=Alcoa Inc Takes Steps Forward in Plans to Split|url=http://www.fool.com/investing/2016/09/16/alcoa-inc-takes-steps-forward-in-plans-to-split.aspx|website=The Motley Fool|date=16 September 2016 |access-date=25 September 2016}}</ref> Its focus became turning aluminum and other lightweight metals into engineered products such as [[turbine]] blades for sectors including aerospace and automotive.<ref name="Forbes">{{cite web|last1=Kinahan|first1=JJ|title=Alcoa Results Forecast to Drop Ahead of Company Split|url=https://www.forbes.com/sites/jjkinahan/2016/04/11/alcoa-results-forecast-to-drop-ahead-of-company-split/#5c1ffd021f40|work=Forbes|access-date=18 April 2016}}</ref><ref name="Bloomberg">{{cite web|last1=Denning|first1=Liam|title=Alcoa's Long Division Problem|url=https://www.bloomberg.com/gadfly/articles/2016-04-12/alcoa-earnings-murky-math-gives-it-a-long-division-problem|website=Bloomberg|date=12 April 2016 |access-date=18 April 2016}}</ref><ref name="Bloomberg2">{{cite web|last1=Deaux|first1=Joe|title=Alcoa Processing Unit to Be Named 'Arconic' After Split|url=https://www.bloomberg.com/news/articles/2016-03-15/alcoa-engineered-products-unit-to-be-named-arconic-after-split|website=Bloomberg|date=15 March 2016 |access-date=18 April 2016}}</ref>

On January 31, 2017, the hedge fund [[Elliott Management Corporation]] launched a [[proxy contest]] against Arconic. Elliott publicly called for firing Arconic's CEO, [[Klaus Kleinfeld]], citing the company's lackluster stock performance, missed profit forecasts, and inefficient spending.<ref name="Wall Street Journal, April 18">{{cite web|last1=BENOIT|first1=DAVID|title=AInside the Activist Battle That Felled Arconic's Klaus Kleinfeld|url=https://www.wsj.com/articles/klaus-kleinfeld-steps-down-as-chair-and-ceo-of-arconic-1492435894|website=Wall Street Journal|date=17 April 2017 |access-date=18 April 2017}}</ref> On April 17, 2017, Kleinfeld resigned as chairman and CEO by mutual agreement with the board of Arconic, after sending an unauthorized letter to Elliott.<ref>{{cite web | url=https://www.wsj.com/articles/AP6bd8e04392df4129be62bcc9c0704214 | title=Arconic CEO Klaus Kleinfeld steps down | publisher=The Wall Street Journal | date=April 17, 2017 | access-date=April 19, 2017}}</ref>

On February 8, 2019, Arconic announced that it would split into two separate businesses.<ref>{{Cite web|url=https://www.forbes.com/sites/joecornell/2019/02/14/arconic-to-split-into-two-separate-companies/|title=Arconic To Split Into Two Separate Companies |last=Cornell |first=Joe |website=Forbes |language=en |access-date=2020-03-03}}</ref> Arconic Inc. would be renamed Howmet Aerospace Inc. and a new company, [[Arconic|Arconic Corporation]], would be set up and spun out. Arconic Corporation will be focused on rolled aluminum products, and Howmet Aerospace will focus on engineered products.<ref>{{Cite news |url=https://www.bizjournals.com/pittsburgh/news/2019/08/02/arconic-is-splitting-into-two-heres-what-the-new.html |title=Arconic is splitting into two: Here's what the new companies will be named |last=Mericle |first=Julia |date=2019-08-02 |work=Pittsburgh Business Times}}</ref> The separation was scheduled to become effective on April 1, 2020.<ref>{{Cite web|date=February 6, 2020|title=Arconic Inc. Board of Directors Approves Separation of Company|url=https://www.wsj.com/articles/PR-CO-20200206-908304|access-date=2020-03-31|website=WSJ|language=en}}</ref>

In 2024, during the [[Gaza war]], Howmet's Pittsburgh headquarters were targeted by pro-Palestinian protestors--Howmet produces titanium components used in [[Lockheed Martin]] fighter jets that have been sold to Israel.<ref>{{cite web | url=https://www.pghcitypaper.com/news/gaza-protestors-flag-howmets-role-in-making-f-35-parts-for-israels-war-27118447 | title=Pro-Palestine group protests a local company's role in making "killing machines" }}</ref>

In December 2025, it was announced that Howmet Aerospace had agreed to acquire [[Stanley Black & Decker]]'s aerospace business, Consolidated Aerospace Manufacturing, for US$1.8 billion in cash. The transaction was expected to close in the first half of 2026, subject to customary closing conditions.<ref>{{Cite news |url=https://www.reuters.com/legal/transactional/howmet-aerospace-buy-stanley-black-deckers-unit-18-billion-2025-12-22/ |title=Howmet to buy Stanley Black & Decker's aerospace unit for $1.8 billion |date=December 22, 2025 |work=Reuters |last=Dasgupta |first=Aatreyee}}</ref>

==See also== * [[Howmet TX]] - Howmet-backed turbine race car.

==References== {{Reflist}}

==External links== *{{Official website|https://www.howmet.com}} {{Finance links | name = Howmet Aerospace Inc. | google = HWM:NYSE | yahoo = HWM | bloomberg = HWM:US | symbol = HWM | sec_cik = 4281 | reuters = HWM.N | nasdaq = HWM }}

[[Category:Companies listed on the New York Stock Exchange]] [[Category:Arconic]] [[Category:Aerospace companies of the United States]] [[Category:Alcoa]] [[Category:The Carlyle Group companies]] [[Category:Companies based in Pittsburgh]]