Synalloy Acquires American Stainless Tubing
By Metal Center News Staff
on Dec 4, 2018
ASTI Acquisition LLC, a subsidiary of Synalloy Corp., Richmond, Va., has acquired American Stainless Tubing Inc. The deal is for a nearly $28 million.
"The prospect of bringing together the diverse stainless steel and alloy pipe and tubing capabilities of Bristol Metals with the high-end ornamental welded stainless steel tube products capabilities of ASTI in the Synalloy Metals family is very exciting,” said Craig Baum, president of Synalloy Corp, “We are continuing to grow our presence in the stainless steel pipe and tube markets in North America; further filling out our product offerings and stainless steel purchasing position.”
American Stainless Tubing operates facilities in Troutman and Statesville, N.C. The company produces and finishes stainless ornamental tubing products.
“Our management team has spent their careers building this business to what it is currently, and we are very proud of our company and its accomplishments. The backing of Synalloy will provide ASTI an opportunity to move up to the next level,” said Maria Haughton Roberson, president of ASTI.
“For the last few years, Synalloy Metals has grown our business through product line extensions into heavy wall stainless welded pipe, seamless carbon distribution with Specialty Pipe & Tube and into stainless steel tubing and galvanized products. ASTI is a good strategic fit with Synalloy Metals’ growth objectives,” said Kyle Pennington, president of Synalloy Metals.