Ampco-Pittsburgh Corporation, based in Carnegie, Pa., announced Monday the completion of the sale of its Canadian specialty steel subsidiary, ASW Steel Inc., to Valbruna Canada Ltd., a subsidiary of Acciaierie Valbruna S.p.A., of Vicenza, Italy.
“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,” Ampco-Pittsburgh CEO Brett McBrayer said. “We anticipate an immediate improvement to Ampco-Pittsburgh’s bottom line. We thank our colleagues at ASW and wish them well going forward.”
Valbruna produces and globally distributes stainless steels, nickel alloys, and titanium long products. The company has an annual output of approximately 200,000 tons of specialty steels and has production facilities in Fort Wayne, Ind., and Italy and a service center in Milton, Ontario, Canada.
“This acquisition is a very important step for us to provide an even better service to our valued North American customers,” Massimo Amenduni, managing director of Valbruna, said.