Ampco-Pittsburgh Announces Completed Sale of Canadian Specialty Steel Operations
Ampco-Pittsburgh Corporation (AP)
Last ampco-pittsburgh corporation earnings: 11/7 08:20 am
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Source: Business Wire
CARNEGIE, Pa.--(BUSINESS WIRE)--Ampco-Pittsburgh Corporation (NYSE: AP) today announced the completion of the sale of its Canadian specialty steel subsidiary, ASW Steel Inc. (“ASW”), to Valbruna Canada Ltd., a subsidiary of Acciaierie Valbruna S.p.A., of Vicenza, Italy (“Valbruna”).With production facilities located in Fort Wayne, Indiana, and in Italy, and with worldwide distribution including a service center in Milton, Ontario, Canada, Valbruna is a leading producer of stainless steels, nickel alloys, and titanium long products. It has an annual output of approximately 200,000 tons of specialty steels.“The divestiture of ASW is consistent with Ampco-Pittsburgh’s strategy to concentrate on assets critical to our success in the Forged and Cast Engineered Products segment. We anticipate an immediate improvement to Ampco-Pittsburgh’s bottom line. We thank our colleagues at ASW and wish them well going forward,” said Brett McBrayer, Ampco-Pittsburgh’s Chief Executive Officer.Massimo
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