Ampco-Pittsburgh Corporation has recently declared the acquisition of ASW Steel, Inc., a premier specialty steel producer based in Welland, Ontario, Canada. The total purchase price of ASW is approximately USD 13.1M, including USD 3.5M in cash and assumption of approximately USD 9.6M of outstanding indebtedness.
John Stanik, Ampco- Pittsburghâs Chief Executive Officer, said, âI am very pleased to add ASW to the Ampco-Pittsburgh family. This acquisition is a very important element in Ampco-Pittsburghâs strategic diversification plan. ASWâs proven broad expertise in flexible steel refining methods will provide us with the capabilities to manufacture the additional chemistries needed to expand our reach in the open-die forging market. The transaction also enhances our ability to grow in markets in which we currently participate and to add new markets for customers in the oil and gas, power generation, aerospace, transportation, and construction industries.â?
ASW, whose annual revenues are approximately CAD 65 million, will be an indirect subsidiary of Union Electric Steel Corporation, a wholly owned operating subsidiary of Ampco-Pittsburgh. Union Electric Steel is a leading producer of forged and cast engineered products for the global steel and aluminum industries.
