Ampco-Pittsburgh Corp. is set to sell its Canadian subsidiary, ASW Steel Inc. ASW, a specialty steelmaking facility located in Welland, Ontario, has been classified as a discontinued operation pursuant to a plan that Ampco approved during the fourth quarter.
"The planned divestiture of ASW is another step in the corporation’s overall restructuring plan, which commenced at the beginning of the fourth quarter with the sale of our Vertical Seal division," Ampco-Pittsburgh’s CEO Brett McBrayer said in a statement. "We expect further asset consolidation in 2019 and have worked to mitigate equipment reliability issues, which hurt second-half 2018 performance.”
- Ampco acquired ASW in November 2016 for $13.1 million, including $3.5 million in cash and assumption of approximately $9.6 million of outstanding indebtedness.
- Today, Ampco’s loss from discontinued operations for the 12 months ended Dec. 31, 2018, was $23.9 million, or $1.92 per common share, respectively, compared to income of $3.7 million, or $0.30 per common share, respectively, for the 12 months ending Dec. 31, 2017.
