Ascent Industries Co. announced on June 23, 2025, that it has entered into an Asset Purchase Agreement to sell substantially all of the assets related to American Stainless Tubing, LLC (ASTI). ASTI, a North Carolina-based manufacturer of ornamental stainless-steel tubing, will be sold to First Tube, LLC, a wholly owned subsidiary of Triple-S Steel Holdings, Inc.
The all-cash transaction is valued at approximately $16 million, subject to customary closing conditions, and is expected to close on June 30, 2025. This divestiture represents the sale of Ascent's last operating tubular asset, marking the final step in its strategic pivot to a focused specialty chemicals platform.
Bryan Kitchen, President and CEO of Ascent, stated that this sale underscores the company's commitment to completing its transformation. 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, enhancing the company's ability to reinvest in its core business.
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