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April 8, 2020, 8:57 a.m. EDT

Arconic to cut workforce by 10%, CEO's salary by 30%

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By Tomi Kilgore

Arconic Corp. /zigman2/quotes/216391721/composite ARNC +5.39% said Wednesday said it was targeting a 10% reduction in its salaried workforce, as it looks to cut costs amid a decrease in demand resulting from the COVID-19 pandemic. The aluminum sheet provider had 15,400 employees worldwide in 2019. Among other actions the company is implementing to mitigate the effects of the COVID-19 crisis, Arconic said it was cutting Chief Executive Timothy Myers' salary and the board of directors' annual cash retainer by 30% and senior-level management salaries by 20% and suspending the 401(k) match for salaried employees. The company's New York and Tennessee facilities have been idled "until demand returns," other U.S.-based rolling and extrusion facilities will reduce production and its rolling mill facilities in Europe, China and Russia will modify schedules. The company said it was reducing capital expenditures by 30%. The stock, which was unchanged in premarket trading, while futures for the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.48% rose 1.3%.

/zigman2/quotes/216391721/composite
US : U.S.: NYSE
$ 14.47
+0.74 +5.39%
Volume: 2.45M
May 29, 2020 3:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.50 billion
Rev. per Employee
N/A
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/zigman2/quotes/210599714/realtime
US : S&P US
3,044.31
+14.58 +0.48%
Volume: 4.38B
May 29, 2020 5:14p
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