Cladding maker Arconic says it is discontinuing global sales of one type of composite paneling for high-rise buildings in the wake of the devastating fire that killed 79 people at Grenfell Tower.
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Arconic says in a statement Monday that Reynobond PE would no longer be sold for use in high-rise buildings. The company said that it believes "this is the right decision because of the inconsistency of building codes across the world and issues that have arisen in the wake of the Grenfell Tower tragedy regarding code compliance of cladding systems in the context of buildings' overall designs."
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The tower's cladding - panels widely used to insulate buildings and improve their appearance - may have been a factor in rapidly spreading the June 14 blaze.
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Shares in Arconic fell as much as 11 percent and were down 4.4% at $24.41 in midday New York trading.
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