Arconic addresses Grenfell Tower tragedy in earnings results
In its earnings report, Arconic said, "Reynobond PE, one of Arconic's building and construction products, was one component of the overall cladding system installed on Grenfell Tower in London, the site of last month's tragic fire. Our Reynobond products, including Reynobond PE, are permitted to be used in accordance with local codes and regulations in the U.S., UK and other countries around the world. Cladding systems contain various components selected and put together by architects, contractors, fabricators and building owners, and those parties are responsible for ensuring that the cladding systems are compliant under the appropriate codes and regulations. As it relates to Arconic's position in the supply chain, we believe we have been compliant in the sale of our product. Given the tragedy at Grenfell Tower, and out of an abundance of caution as Arconic does not control the ultimate design and installation of the final cladding system, the company announced on June 26th that it would no longer sell the PE product for use in high-rise construction - regardless of the local codes and regulations." CEO David Hess said, "We extend our deepest sympathies to those who have lost so much. Everyone at Arconic continues to keep them in our thoughts. And importantly, we remain committed to supporting the investigations that are seeking an outcome that makes it unlikely that a similar tragedy will ever recur."