Ascent Industries announces sale of Specialty Pipe & Tube for $55M

Ascent Industries has announced the sale of the business of Specialty Pipe & Tube for approximately $55 million in an all-cash transaction. The transaction closed on December 22, 2023. SPT is a leading master distributor for large diameter, hot finish seamless carbon steel pipe and tubing. Proceeds from the transaction will be used to pay down outstanding debt and for general corporate purposes. The sale greatly reduces the complexity associated with Ascent’s tubular operations and allows the Ascent Tubular team to focus on its core competencies that best position the company for long-term growth.