Shares of Alcoa (AA) - Get Report are off over 1% Wednesday after the aluminum producer shed more light on its planned split later this year. 

"This is one of the most complicated transactions I've come across in ages," TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment. 

"I like everything I hear," he said, but there are some question marks around the specifics. "It's still too sketchy about where the debt will reside," Cramer explained. 

"This company will be in much better shape by year end," Cramer said, which is when the split is expected to be completed by. Following the split, there will be the aluminum-producing business known as Alcoa and there there will be higher margin, value-added business known as Arconic.

Alcoa is still feeling the pressure from oversupply and a soft global economy, while Arconic continues to produce in-demand, high performance materials and parts for the aerospace and automotive segment. 

"I like it very much," Cramer said of Arconic. 

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At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.