Synalloy Announces ASTI Closing; Projections for 2018 and 2019
Synalloy Corporation (SYNL)
US:NASDAQ Investor Relations:
investor.synalloy.com/investor-relations
Company Research
Source: GlobeNewswire
RICHMOND, Va., Jan. 03, 2019 (GLOBE NEWSWIRE) -- Synalloy Corporation is pleased to announce that its wholly-owned subsidiary, ASTI Acquisition, LLC (to be re-named American Stainless Tubing, LLC), completed the acquisition of substantially all of the assets of American Stainless Tubing Inc. (ASTI) on January 2, 2019, with an effective date of January 1, 2019. “We are very excited to add ASTI’s operations and its employees to the Synalloy family and look forward to a solid contribution from this unit in 2019 and beyond,” said Craig C. Bram, Synalloy’s President and CEO. The Company is also pleased to announce that its 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. With the fourth quarter now behind us, the Company is projecting 2018 revenue of approximately $280 million and Ad
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