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Synalloy subsidiary ASTI Acquisition to acquire assets of American Stainless Tubing Inc-The 20th China(Guangzhou)Int'l Stainless Steel Industry Exhibition
12/6/2018 不銹鋼展-不銹鋼展會(huì)-效果最好的不銹鋼展會(huì)- Stainless Steel Exhibition |
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Synalloy Corporation announced that its wholly-owned subsidiary, ASTI Acquisition LLC has signed a definitive agreement to acquire substantially all of the assets of American Stainless Tubing Inc. The parties expect the transaction to close on or by January 1, 2019. The cash purchase price for the transaction is expected to range between $27 and $28 million including ASTI’s right to receive revenue-based earn-out payments over a three-year period following closing. At closing, the company plans to title ASTI’s real estate to its sale lease-back partner, Store Capital, who will purchase ASTI’s real estate for $5 million. Subsequently ASTI’s real estate will be incorporated into Synalloy’s long-term master lease agreement with Store Capital on terms and conditions consistent with other Synalloy/Store leases. Synalloy will sublease the facilities to ASTI Acquisition, LLC, which after closing, will be re-named American Stainless Tubing, LLC.
Craig Bram, President and CEO of Synalloy Corporation, said "The prospect of bringing together the diverse stainless steel and alloy pipe and tubing capabilities of Bristol Metals with the high-end ornamental welded stainless steel tube products capabilities of ASTI in the Synalloy Metals family is very exciting. We are continuing to grow our presence in the stainless steel pipe and tube markets in North America; further filling out our product offerings and stainless steel purchasing position.”
Maria Haughton Roberson, President of ASTI said, “Our management team has spent their careers building this business to what it is currently, and we are very proud of our company and its accomplishments. The backing of Synalloy will provide ASTI an opportunity to move up to the next level. We look forward to being part of their team as we continue to set the quality standard in stainless steel tubing.”
不銹鋼展-2019第二十屆廣州國際不銹鋼工業(yè)展-效果最好的不銹鋼展會(huì)-The 20th China(Guangzhou)Int''l Stainless Steel Industry Exhibition
- Stainless Steel exhibition,2019
Stainless Steel exhibition, China
Stainless Steel exhibition, Guangzhou
Stainless Steel expo,Guangzhou Stainless Steel exhibition,
2019 Stainless Steel expo, China Stainless Steel expo
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