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Business Wire
10 hours ago
- Business
- Business Wire
Ascent Industries Co. to Divest American Stainless Tubing for $16 Million, Marking Final Step in Strategic Portfolio Realignment
BUSINESS WIRE)--Ascent Industries Co. (Nasdaq: ACNT) ('Ascent' or the 'Company'), a company focused on the production and distribution of specialty chemicals, today announced that it has entered into an Asset Purchase Agreement (the 'Purchase Agreement') to sell substantially all of the assets related to American Stainless Tubing, LLC ('ASTI'), 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 $16 million in an all-cash transaction, subject to customary closing conditions. The transaction is expected to close on June 30, 2025. ASTI is a recognized leader in the production of high-quality ornamental stainless-steel tubing, serving a wide range of attractive end markets. 'The sale of ASTI, the last of our operating tubular assets, underscores our commitment to completing our pivot to a focused, high-return specialty chemicals platform' said Bryan Kitchen, President and Chief Executive Officer of Ascent. 'This follows the successful divestiture of other tubular assets over the past 18 months, culminating in a sharper focus on the Company's core specialty chemical operations.' 'We are proud of the performance and legacy of ASTI under our ownership. The business is well-positioned for continued growth and success with First Tube, LLC., a buyer whose platform and strategy align well with ASTI's strengths and capabilities.' 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. Angle Advisors acted as financial advisor and Amundsen Davis, LLC acted 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 Forward Looking Statements This press release may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable federal securities laws. All statements that are not historical facts are forward-looking statements. Forward looking statements can be identified through the use of words such as "estimate," "project," "intend," "expect," "believe," "should," "anticipate," "hope," "optimistic," "plan," "outlook," "should," "could," "may" and similar expressions. The forward-looking statements are subject to certain risks and uncertainties which could cause actual results to differ materially from historical results or those anticipated. Readers are cautioned not to place undue reliance on these forward-looking statements and to review the risks as set forth in more detail in Ascent Industries Co.'s Securities and Exchange Commission filings, including our Annual Report on Form 10-K, which filings are available from the SEC or on our website. Ascent Industries Co. assumes no obligation to update any forward-looking information included in this release.
Yahoo
7 days ago
- Business
- Yahoo
Jabil Announces Planned Multi-Year $500 Million Investment in U.S. Manufacturing for Cloud and AI Data Center Infrastructure
ST. PETERSBURG, Fla., June 17, 2025--(BUSINESS WIRE)--Jabil Inc. (NYSE: JBL), a global leader in engineering, supply chain, and manufacturing solutions, today announced it intends to invest approximately $500 million over the next several years to expand its footprint in the Southeast United States to support cloud and AI data center infrastructure customers. This significant commitment will enable new large-scale manufacturing capabilities, capital investments, and workforce development. Jabil is in the final stages of site selection and expects it to be operational by mid-calendar year 2026. "To secure America's future in artificial intelligence, it's crucial that we build the hardware that powers AI innovation right here at home. Domestic manufacturing isn't just an economic priority; it's a matter of national security. We're proud to expand Jabil's U.S. factory network, scaling our capabilities to better support the growing needs of our data center customers," said Matt Crowley, Executive Vice President, Global Business Units. This strategic investment builds on Jabil's recent acquisition of New Hampshire-based Mikros Technologies, a leading provider of liquid cooling and thermal management solutions. Mikros Technologies serves a wide range of industries, including AI data center infrastructure, energy storage, and semiconductor testing. "This initiative is a key element of our long-term strategy to diversify our commercial portfolio and strengthen Jabil's presence in the U.S.," said CEO Mike Dastoor. "While the geopolitical landscape remains dynamic, our position as a U.S.-based company with a significant domestic footprint enables us to help the world's leading brands navigate challenges with agility and resilience." Based in St. Petersburg, Florida, Jabil has 30 sites across the United States, with proven experience and investments in automation, robotics, and process optimization. These facilities support demand for production at scale across industries. Forward Looking Statements: This release contains forward-looking statements, including those regarding our intent to expand our factory network in the United States and our estimate for the commencement of manufacturing. The statements in this release are based on current expectations, forecasts and assumptions involving risks and uncertainties that could cause actual outcomes and results to differ materially from our current expectations. Such factors include, but are not limited to: scheduling production, managing growth and capital expenditures and maximizing the efficiency of our manufacturing capacity effectively; managing rapid declines or increases in customer demand and other related customer challenges that may occur; our dependence on a limited number of customers; and our ability to purchase components efficiently and reliance on a limited number of suppliers for critical components. Additional factors that could cause such differences can be found in our Annual Report on Form 10-K for the fiscal year ended August 31, 2024, and our other filings with the Securities and Exchange Commission. We assume no obligation to update these forward-looking statements. About Jabil: At Jabil (NYSE: JBL), we are proud to be a trusted partner for the world's top brands, offering comprehensive engineering, supply chain, and manufacturing solutions. With over 50 years of experience across industries and a vast network of over 100 sites worldwide, Jabil combines global reach with local expertise to deliver both scalable and customized solutions. Our commitment extends beyond business success as we strive to build sustainable processes that minimize environmental impact and foster vibrant and diverse communities around the globe. Discover more at View source version on Contacts Investor Contact Adam BerrySenior Vice President, Investor Relations and Communicationsadam_berry@ Media Contact Timur AydinSenior Director, Enterprise Marketing and Communicationspublicrelations@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
