Ascent Industries Co. has announced an agreement to sell substantially all assets of American Stainless Tubing, LLC $(ASTI)$ to First Tube, LLC, a subsidiary of Triple-S Steel Holdings, Inc., for approximately $16 million in an all-cash transaction. This sale is the final step in Ascent's strategic portfolio realignment, marking the company's full shift towards its specialty chemicals operations. ASTI, a North Carolina-based leader in ornamental stainless-steel tubing, will benefit from the alignment of strategies with its new owner. The transaction is expected to close on June 30, 2025.
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