Ampco-Pittsburgh Announces Completed Sale of Canadian Specialty Steel Operations
September 30 2019 - 4:28PM
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 Amenduni, Managing Director of Valbruna, stated, “This
acquisition is a very important step for us to provide an even
better service to our valued North American customers.”
About Ampco-Pittsburgh Corporation
Ampco-Pittsburgh Corporation, through its operating subsidiary,
Union Electric Steel Corporation, is a leading producer of forged
and cast rolls for the worldwide steel and aluminum industries, as
well as ingot and open die forged products for the oil and gas,
aluminum, and plastic extrusion industries. Ampco-Pittsburgh is
also a producer of air and liquid processing equipment, primarily
custom-engineered finned tube heat exchange coils, large custom air
handling systems, and centrifugal pumps. The Corporation operates
manufacturing facilities in the United States, United Kingdom,
Sweden, Slovenia, and China. Sales offices are located in North and
South America, Asia, Europe, and the Middle East. Corporate
headquarters is located in Carnegie, Pennsylvania.
About Valbruna Group
Valbruna Group is a leading international manufacturer and
distributor of stainless steel and nickel alloys bars and wires
with manufacturing plants in Italy and the U.S., and worldwide
distribution. The Valbruna Group is in business since 1925 and has
annual sales in excess of USD 1 billion.
The Private Securities Litigation Reform Act of 1995 provides a
safe harbor for forward-looking statements made by or on our
behalf. This news release may contain forward-looking statements
that reflect our current views with respect to future events and
financial performance. Actual results may vary significantly from
the Corporation’s expectations based on a number of risks and
uncertainties, including, but not limited to, the following:
cyclical demand for products and economic downturns may reduce
demand for the Corporation’s products; excess global capacity in
the steel industry could lower prices for the Corporation’s
products; economic or other factors may reduce the level of the
Corporation’s export sales; the Corporation’s profitability could
be reduced by increases in commodity prices or shortages of key
production materials; a work stoppage or similar industrial action
could disrupt the Corporation’s operations; currency fluctuations;
and proposed divestitures and restructuring activities of the
Corporation may generate greater expenses or losses or lower
savings than currently anticipated. Forward-looking statements
speak only as of the date on which such statements are made, are
not guarantees of future performance or expectations, and involve
risks and uncertainties. The Corporation cannot guarantee any
future results, levels of activity, performance or achievements.
Except as required by applicable law, the Corporation assumes no
obligation, and disclaims any obligation, to update forward-looking
statements whether as a result of new information, events or
otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20190930005797/en/
Melanie L. Sprowson Director, Investor Relations 412-429-2454
msprowson@ampcopgh.com
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