in a deal worth approximately $5.2 billion.

Arconic shareholders will receive $30 per share in cash.

Arconic is the company once known as Alcoa. Alcoa Inc. spun off its alumina and bauxite operations in 2016 into a company called Alcoa Corp., while Arconic became the company that produces rolled and plate aluminum, as well as products for the aerospace and industrial sector.

Arconic will no longer trade on the New York Stock Exchange once the deal closes. It is expected to be completed in the second half of the year. It still needs approval from Arconic shareholders.

...Arconic has been losing money for a while and that private equity firms usually try to make their acquisitions profitable again before flipping them.

"When asked whether Massena Arconic workers should view the sale as a positive or negative development, Gardner said, “I would say both. I would say uh-oh, this could be bad; they could decide to close us. But if they don’t close us, they’re almost certainly going to invest in us.”