Chemicals and metal tube supplier Ascent Industries announced plans to sell its Bristol Metals subsidiary to wholesale metals distributor Ta Chen International in a deal worth some $45 million.
Bristol Metals, which dates back more than six decades, provides stainless, duplex, super duplex, 6 moly and nickel alloy welded steel pipe.
The deal is expected to close at the end of the month.
“While transformational changes have been implemented at BRISMET over the past year, the inherent cyclicality in its end-markets makes it a much better fit for a more sector-focused franchise,” Ascent President and CEO Bryan Kitchen said in the announcement.
Ascent said that it intends to use the proceeds to bolster its specialty chemicals business, as well as for “general corporate purposes.” Its remaining tube assets include ornamental stainless steel tubing company American Stainless Tubing.
