Brief: Ascent Industries Says, On June 2, Board Made Decision To Permanently Cease Operations At Co's Welded Pipe & Tube Facility Located In Munhall, Pennsylvania - Filing

Ascent Industries Co

07/06/2023 22:31

June 7 (Reuters) - Ascent Industries Co  ACNT.O :
    * ASCENT INDUSTRIES - ON JUNE 2, BOARD MADE DECISION TO
PERMANENTLY CEASE OPERATIONS AT CO’S WELDED PIPE & TUBE FACILITY
LOCATED IN MUNHALL,PENNSYLVANIA
    * ASCENT INDUSTRIES CO - ANTICIPATED THAT COMPLETE EXIT AND
DISPOSAL OF ALL ASSETS AT FACILITY WILL BE COMPLETED WITHIN ONE
YEAR
    * ASCENT INDUSTRIES CO - EXPECTS TO INCUR PRE-TAX CASH
CHARGES OF
ABOUT $2.8 MILLION TO $6.7 MILLION IN CONNECTION WITH MUNHALL
CLOSURE IN FISCAL YEAR 2023
    * ASCENT INDUSTRIES -SEES NON-CASH CHARGES OF ABOUT $2.5
MILLION -
$10.3 MILLION IN ASSET IMPAIRMENTS,INVENTORY WRITE-DOWNS,OTHER
NON-CASH RESTRUCTURING CHARGES


Further company coverage:  ACNT.O 

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