Ascent Industries to divest American Stainless Tubing for $16M
Ascent Industries (ACNT) announced that it has entered into an Asset Purchase Agreement to sell substantially all of the assets related to American Stainless Tubing, LLC, a North Carolina-based manufacturer of ornamental stainless-steel tubing, to First Tube, LLC, a wholly owned subsidiary of Triple-S Steel Holdings, Inc. a Texas-based provider of steel products and processing services, for approximately $16M in an all-cash transaction, subject to customary closing conditions. The transaction is expected to close on June 30, 2025. Proceeds from the transaction will be used to support both organic and inorganic growth initiatives within Ascent's Specialty Chemicals segment, as well as for general corporate purposes.
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