Ascent Industries Co. (ACNT) has entered into an Asset Purchase Agreement to sell substantially all assets related to American Stainless Tubing, LLC, to First Tube, LLC.
First Tube, LLC is a wholly owned subsidiary of Triple-S Steel Holdings, Inc.
The all-cash transaction is valued at approximately $16 million.
Bryan Kitchen, President and CEO of Ascent Industries Co. (ACNT), highlighted that this sale of their last operating tubular assets marks a key step in their shift toward a focused, high-return specialty chemicals platform.
Proceeds will support organic and inorganic growth within Ascent Alternatives Holdings Inc. Specialty Chemicals segment and general corporate purposes.
The transaction is expected to close on June 30, 2025.
