Alcoa, the company best known creating aluminum and Ford truck parts, will split into two different businesses, each focusing on a specific field, according to the New York Times.
Stocks jumped 5.4 percent in response, according to Bloomberg.
The second name has not yet been released, but the part of the company that is keeping the name Alcoa is the one that produces bauxite and aluminum, according to Bloomberg.
After the split, the new Alcoa will include 64 facilities spread throughout the world and a staff of at least 17,000, according to USA Today. The company coming into creation will include 157 facilities and at least 43,000 employees.
In the past year, both areas of the business saw revenue of around $14 billion.
"We've been building these two value engines - shaping, molding, adding, brushing up and putting them in good form. Both are fit and have enough strength and scale to stand on their own," said Alcoa Chairman and CEO Klaus Kleinfeld, according to the New York Times.
The split is expected to reach completion by the second half of 2016, according to the New York Times. When it does, shareholders will hold shares in both the new Alcoa and the new unnamed company.
