Arconic, major Quad Cities employer, going private in sale to Apollo Global Management

Aluminum maker Arconic, a major Quad Cities employer, is being taken private by Apollo Global Management in a deal worth approximately $5.2 billion.

Arconic shareholders will receive $30 per share in cash.

Arconic is the company once known as Alcoa. Alcoa Inc. spun off its alumina and bauxite operations in 2016 into a company called Alcoa Corp., while Arconic became the company that produces rolled and plate aluminum, as well as products for the aerospace and industrial sector.

Previously: Iowa employer Arconic, United Steelworkers announce tentative agreement; June 1 vote scheduled

The Pittsburgh-based company has a sprawling manufacturing and distribution operation in Riverdale. The Quad Cities Chamber says the company has 2,400 workers there, and ranks it among the top 10 employers in the metro area.

Under the Apollo acquisition, investments are expected to be made in various areas, including upgrades to Arconic's key machine centers and technology upgrades to plants and process controls.

“As aluminum continues to win share in markets seeking sustainable, high-performing material across a wide variety of applications, we believe there is a strong runway for growth in markets throughout the world," Gareth Turner, Partner at Apollo Global Management, said in a prepared statement Thursday.

Previously: Athene merging with Apollo to boost sluggish stock performance

Shares of Arconic Corp. will no longer trade on the New York Stock Exchange once the transaction closes.

The deal is expected to be completed in the second half of the year. It still needs approval from Arconic shareholders.

Arconic's stock surged 27.5% after the announcement of the sale.

The Associated Press contributed to this article.

This article originally appeared on Des Moines Register: Apollo purchasing major Quad Cities employer Arconic, taking it private