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Healthcare

BRIEF-Arconic Announces $200 Million Of Actions To Mitigate COVID-19 Impact

April 8 (Reuters) -

* ARCONIC ANNOUNCES $200 MILLION OF ACTIONS TO MITIGATE COVID-19 IMPACT

* ARCONIC INC SAYS SALARIED WORKFORCE WILL BE RESTRUCTURED TARGETING A 10% REDUCTION

* ARCONIC INC - CEO’S SALARY AND BOARD OF DIRECTORS’ ANNUAL CASH RETAINER WILL BE REDUCED BY 30%

* ARCONIC INC - SALARIED WORKFORCE WILL BE RESTRUCTURED TARGETING A 10% REDUCTION

* ARCONIC INC - CAPITAL EXPENDITURES WILL BE REDUCED BY APPROXIMATELY $50 MILLION OR APPROXIMATELY 30%

* ARCONIC - IMPLEMENTING MITIGATING ACTIONS EFFECTIVE IMMEDIATELY ESTIMATED TO REDUCE OPERATING COSTS BY ABOUT $150 MILLION ON AN ANNUALIZED RUN-RATE BASIS

* ARCONIC INC - 401K MATCH PROGRAM WILL BE SUSPENDED FOR SALARIED EMPLOYEES

* ARCONIC INC - ALL ROLLING MILL FACILITIES IN EUROPE, CHINA AND RUSSIA WILL MODIFY SCHEDULES, ADJUST WORK HOURS, LOWER COSTS, AND DELAY RAISES

* ARCONIC INC - TENNESSEE AND NEW YORK FACILITIES HAVE BEEN IDLED UNTIL DEMAND RETURNS

* ARCONIC INC - SENIOR-LEVEL MANAGEMENT WILL INCUR A 20% SALARY REDUCTION

* ARCONIC - EXCEPT TENNESSEE & NEW YORK, ALL OTHER U.S.-BASED ROLLING & EXTRUSION FACILITIES WILL DECREASE PRODUCTION & OPERATE WITH REDUCED LABOR FORCE Source text for Eikon: Further company coverage: [ ]

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