Shares of Alcoa (AA) - Get Report were higher Friday after the the lightweight metals manufacturer announced that its board approved splitting of the company into two publicly traded companies as of November 1. Alcoa will change its name to Arconic and focus on its burgeoning engineering parts for automotive and aerospace business. Meanwhile Alcoa will continue to carry on the company's traditional mining and smelting operations. Arconic will take on most of Alcoa's debt as part of the split, giving Alcoa a leg up in a depressed aluminum market.
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