HUTCHINSON, Kan. — After announcing a potential split of its company in February, Arconic announced the division of its current company into two separate entities. The split is expected to be finalized in the second quarter of 2020.

The new aerospace segment of the company will be known as Howmet Aerospace and will be responsible for engineered products and forgings. The Global Rolled Products, which will include the Hutchinson facility, will contain rolled aluminum products and aluminum extrusions and will stay under the Arconic name. The company also said that it would sell off one of the two entities with that announcement coming later this year.

The company’s decision to separate its portfolio comes after the rejection of a $10 billion offer for the entire company and the abrupt replacement of its CEO. At that time, the company announced it would slash its operating costs by approximately $200 million on an annual basis and cut back pension and retirement plans for non-union workers in an effort to strengthen the company’s bottom line.

Arconic announced Friday a net loss of $121 million, or $0.27 per share in the second quarter 2019, versus net income of $120 million, or $0.24 per share in the second quarter 2018.

Second-quarter 2019 operating loss was $81 million, versus operating income of $324 million in the second quarter of 2018. On the positive side, operating income excluding special items was $484 million, up 27% year over year, as higher volumes, favorable product pricing, favorable aluminum prices and net cost reductions more than offset operational challenges.

Arconic employs about 75 workers at the Hutchinson facility.