Alcoa Inc. , the world’s largest aluminum producer, said on Monday it’s splitting into two separate publicly-listed companies, with the separation expected to be completed in the second half of 2016. The split will create an “upstream company”, focused on bauxite, alumina and aluminum, and a “value-add company”, focused on innovation in “high performance multi-material products and solutions in attractive growth markets”, the company said. Alcoa is targeting an investment grade rating for its value-add company and a strong non-investment grade rating for the upstream company, it said in the release. Alcoa shares jumped 5.6% in premarket trade.
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