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Ampco-Pittsburgh Completes Sale of ASW Steel to Valbruna Canada

Steel News - Published on Mon, 07 Oct 2019

Image Source: The Business Journals
Ampco-Pittsburgh Corporation announced the completion of the sale of its Canadian specialty steel subsidiary ASW Steel Inc to Valbruna Canada Ltd, a subsidiary of Acciaierie Valbruna SpA, of Vicenza, Italy. With production facilities located in Fort Wayne, Indiana and in Italy, and with worldwide distribution including a service center in Milton, Ontario, Canada, Valbruna is a leading producer of stainless steels, nickel alloys, and titanium long products. It has an annual output of approximately 200,000 tons of specialty steels.

Mr Brett McBrayer, Ampco-Pittsburgh’s Chief Executive Officer said that “The divestiture of ASW is consistent with Ampco-Pittsburgh’s strategy to concentrate on assets critical to our success in the Forged and Cast Engineered Products segment. We anticipate an immediate improvement to Ampco-Pittsburgh’s bottom line. We thank our colleagues at ASW and wish them well going forward.”

Massimo Amenduni, Managing Director of Valbruna, stated that “This acquisition is a very important step for us to provide an even better service to our valued North American customers.”

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Posted By : Sanju Moirangthem on Mon, 07 Oct 2019
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