S&P Dow Jones Indices said late Monday that Alcoa Corp. will move to the S&P MidCap 400, replacing Hill-Rom Holdings Inc. , effective at the start of trading on Dec. 20. S&P 500 constituent Baxter International Inc. is acquiring Hill-Rom in a deal completed Monday.
Earlier Monday, the alumina and aluminum producer said it was permanently closing an idled aluminum smelter in Washington state, recording restructuring and related charges of $75 million in the fourth quarter. Alcoa announced a five-year asset and capacity review in 2019.
The stock traded 5% higher in the after-hours session, after ending the regular trading day down 2.1%.
Then Alcoa Inc. was dropped from the Dow Jones Industrial Average in 2013, and renamed itself Arconic, spinning off its aluminum operations under a newly formed company that took its old name.
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