Ascent Industries Co. (Nasdaq: ACNT) (“Ascent” or the “Company”) today announced the successful closing of the previously announced sale of American Stainless Tubing, LLC (“ASTI”) to First Tube, LLC, a wholly owned subsidiary of Triple-S Steel Holdings, Inc. for $16 million in an all-cash transaction, subject to customary closing conditions.
“The sale of ASTI, our final operating tubular asset, is more than a milestone — it’s a defining moment in Ascent’s transformation” said Bryan Kitchen, President and Chief Executive Officer of Ascent. “We are now a pure-play specialty chemicals company, fully aligned with our vision to build a scalable, high-margin chemicals platform poised for sustainable value creation. With this additional capital, we are well-positioned to reinvest in innovation, expand commercial reach, and pursue new growth opportunities that enhance returns for shareholders.”
We are confident that Triple-S will be an excellent steward of ASTI’s strong talent and capabilities.
Angle Advisors served as financial advisor and Amundsen Davis, LLC served as legal advisor to Ascent.
About Ascent Industries Co.
Ascent Industries Co. (Nasdaq: ACNT) is a company that engages in the production and distribution of specialty chemicals. For more information about Ascent, please visit its website at www.ascentco.com.
Forward Looking Statements
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