Synalloy Corporation Announces Rebrand to Ascent Industries Co.
August 04 2022 - 8:00AM
Business Wire
Rebranding Better Aligns Company’s Go-to-Market
Strategy with its Upward Growth Trajectory and Reinvigorated
Corporate Mission
Company to Ring the Nasdaq Closing Bell in
Celebration of the Rebrand on August 15, 2022
Synalloy Corporation (Nasdaq: SYNL) (“Synalloy” or the
“Company”), an industrials company focused on the production and
distribution of industrial tubular products and specialty
chemicals, is announcing a corporate rebrand from Synalloy
Corporation to Ascent Industries Co. (“Ascent”) effective August
10, 2022. The Company’s stock ticker symbol will change from “SYNL”
to “ACNT” on the Nasdaq stock exchange, and trading under the new
stock ticker symbol will commence on August 10th. Holders of common
stock are not required to exchange current outstanding stock
certificates for new stock certificates.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220804005327/en/
With over 75 years in the pipe, tube and chemicals manufacturing
industry, the rebrand signifies the next chapter of the Company’s
transformation towards building the most efficient industrial
manufacturing companies in the world. Through its existing
partnership of companies obsessively pursuing improvement and
growth, Ascent is committed to fostering an environment that
focuses on maximizing efficiency across its operations and driving
sustainable, long-term value to its shareholders.
In addition, Ascent seeks to continue to grow and expand its
segments through the acquisition of companies with strong research
and development resources that can drive new and long-term
production capabilities and higher value additive products to its
mix.
To view a video of the Company’s rebranded vision coming to
life, please click here.
“As we continue to make notable progress on our transformation
efforts, it is time to establish a strong and unified brand that
reflects the vision and mission we have for our company,” said Ben
Rosenzweig, Executive Chairman of Synalloy. “Our platform is now
more robust and diverse than ever before, and our rebrand to Ascent
represents our commitment to unlocking the potential of our
industrial manufacturing portfolio. Looking forward, we remain
focused on expanding our footprint and capabilities, while
capturing more efficiencies through innovation and automation
across our operations.”
Commenting on the rebrand, Chris Hutter, President and CEO of
Synalloy, stated: “Since the start of our transformation journey,
we’ve made it a priority to grow by fostering an environment of
entrepreneurial creativity, working tirelessly to improve our
production processes, and seeking to continuously innovate for the
benefit of our customers. With a leading management team, a more
efficient organization, the acquisition of DanChem and an upgraded
commercial strategy, we have achieved record results in net sales,
net income, and adjusted EBITDA for the past two consecutive
quarters.
“Upon initiating the rebrand process, we have enjoyed engaging
with our customers, investors and partners and hearing what they
love about our Company, and we wanted to ensure our branding
reflected what we do best. We are confident that by unifying our
business segments, our new identity matches our mission to build
the most efficient industrial manufacturing companies in the world.
The rebrand to Ascent embodies the considerable progress that we
have made and our growth prospects into the future.”
In celebration of the Company’s rebrand, the executive
leadership team will be visiting the Nasdaq MarketSite in Times
Square, New York to ring the Nasdaq Stock Market Closing Bell on
August 15, 2022. On the day of the ceremony, a live stream of the
Nasdaq Closing Bell will be available at
https://www.nasdaq.com/marketsite/bell-ringing-ceremony.
The Company’s corporate website, including the investor
relations portion of the site, will be relocating to
www.ascentco.com. On August 10th, the public will be able to reach
the investor relations department at ACNT@gatewayir.com.
The Company’s executive team will be reporting financial results
for the second quarter of 2022 and further expanding on the
rebranded vision on August 9, 2022, at 5:00 p.m. Eastern time.
About Synalloy
Corporation
Synalloy Corporation (Nasdaq: SYNL) is a company that engages in
a number of diverse business activities including the production of
stainless and galvanized tubular products, the distribution of
seamless tubular products, and the production of specialty
chemicals. For more information about Synalloy Corporation, please
visit its web site at www.synalloy.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220804005327/en/
Company Aaron Tam Chief
Financial Officer 1-804-822-3260
Investor Relations Cody
Slach and Cody Cree Gateway Group, Inc. 1-949-574-3860
SYNL@gatewayir.com
Synalloy (NASDAQ:SYNL)
Historical Stock Chart
From Apr 2024 to May 2024
Synalloy (NASDAQ:SYNL)
Historical Stock Chart
From May 2023 to May 2024