Schamburg, IL-based Ascent Industries agreed to sell all its Bristol Metal (BRISMET) assets to Ta Chen International for $45 million.
Britsol, TN-based BRISMET, established in 1941, is a manufacturer of welded steel pipes made from stainless, duplex, super duplex, 6 moly and nickel alloys. The company offers a wide range of products, including long lengths and large diameters, with production processes such as laser, high-frequency and TIG welding, along with additional capabilities like annealing.
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Ascent — the parent company of BRISMET— is a manufacturer and distributor of specialty chemicals and industrial tubular products. Ascent said the proceeds from the transaction will be used to drive both organic and inorganic growth in the company’s specialty chemical business, along with supporting general corporate purposes. The company expects the transaction to close on March 31.
Founded in 1989 by Robert Shieh, Long Beach, CA-based Ta Chen is a manufacturer and distributor of stainless and aluminum coils, sheets, plates, long products, tubes and PVFs. The company serves over 3,000 customers across the U.S. from eight warehouses, with additional locations in Taiwan, China and Canada.
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“While transformational changes have been implemented at BRISMET over the past year, the inherent cyclicality in its end-markets makes it a much better fit for a more sector focused franchise,” Ascent President and CEO Bryan Kitchen said in a March 12 news release. “This transaction provides Ascent with additional capital to pursue growth opportunities within the Specialty Chemicals segment. We are proud of BRISMET’s performance under our stewardship and believe BRISMET is positioned for a strong future with Ta Chen.”
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