Aluminum giant Alcoa Inc has split into two standalone companies: Alcoa Corporation and Arconic Inc.

Arconic Inc will focus on on ‘multi-materials innovation, precision engineering and advanced manufacturing’, according to a press release. The company begins trading today on the New York Stock Exchange.

In 2015, the businesses that today comprise Arconic recorded revenues of approximately US$12.5 billion, the company said.

‘Today we launch Arconic as a strong independent company,’ said Arconic Chairman and CEO Klaus Kleinfeld. ‘Our multi-year transformation while part of Alcoa Inc. substantially improved our competitiveness and profitability. Today, we are very well positioned as a leader in attractive markets.’

Within aerospace, which accounts for approximately 40% of Arconic total revenues, the xompany develops and manufactures products for airframe structures and aero engines. The company can today supply over 90% of the components within the jet engine, and it is a leader in structural parts for both metallic and carbon fiber reinforced plastic (CFRP) aircraft.

In the North American automotive market, Arconic invented the bonding process to enable the mass-market shift from steel to aluminum.

This story is reprinted from material from Arconicwith editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.