Ascent Industries Co. (Ascent), an industrials company focused on the production and distribution of specialty chemicals and industrial tubular products, has reached a definitive agreement to sell substantially all of the assets of Bristol Metals, LLC (BRISMET) to Ta Chen International, Inc. (Ta Chen), a manufacturer and distributor of stainless and aluminium coils, sheets, plates, long products, tubes and PVFs, for approximately USD 45M in an all-cash transaction.
BRISMET has been an industry pioneer in stainless, duplex, super duplex, 6 moly and nickel alloy welded steel pipe manufacture since 1964. Proceeds from the transaction will be used to accelerate organic and inorganic growth of the company’s specialty chemical business as well as general corporate purposes.
Ascent’s remaining assets within the tubular segment consist of American Stainless Tubing (ASTI), a producer of premium ornamental stainless steel tubing.
