Synalloy Acquires American Stainless Tubing
Their wholly-owned subsidiary, ASTI Acquisition, LLC, closed this deal and will be re-named American Stainless Tubing, LLC.
Posted: January 9, 2019
Synalloy Corporation (Richmond, VA) announced that their wholly-owned subsidiary, ASTI Acquisition, LLC (to be re-named American Stainless Tubing, LLC), has completed the acquisition of substantially all of the assets of American Stainless Tubing Inc. (ASTI; Troutman, NC) on January 2, 2019, with an effective date of January 1, 2019. “We are very excited to add ASTI operations and their employees to our family and look forward to a solid contribution from this unit in 2019 and beyond,” said Craig C. Bram, the president and chief executive officer of Synalloy, whose sale lease-back partner, Store Capital, closed on the purchase of ASTI’s real estate in North Carolina, which facilities have been incorporated into Synalloy’s master lease agreement with Store Capital and subleased to American Stainless Tubing, LLC.
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