05:01 PM EDT, 06/23/2025 (MT Newswires) -- Ascent Industries ( ACNT ) said late Monday it agreed to sell substantially all assets of its American Stainless Tubing business to First Tube, a unit of Triple-S Steel, in an all-cash deal worth about $16 million.

The transaction is expected to close on June 30, subject to customary closing conditions.

Ascent said proceeds from the sale will support growth initiatives within its specialty chemicals segment and be used for general corporate purposes.