ASCENT INDUSTRIES CO. (ACNT): restructuring charge — Ascent Industries to permanently close Munhall, PA pipe facility; expects $2.8M-$6.7M cash charges

ASCENT INDUSTRIES CO.

Ceasing operations at Munhall welded pipe and tube facility by Aug 31, 2023 as part of consolidation.
Expects pre-tax cash charges of $2.8M-$6.7M in FY2023, including $2.6M severance.
Also expects non-cash charges of $2.5M-$10.3M for asset impairments and inventory write-downs.
Facility exit and disposal expected within one year.
Part of ongoing efforts to focus on core operations and improve profitability.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

ASCENT INDUSTRIES CO. announced a restructuring with charges of approximately $2.8 million to $6.7 million affecting welded pipe and tube facility located in Munhall, Pennsylvania.

Type: restructuring
Charge: approximately $2.8 million to $6.7 million
Affected area: welded pipe and tube facility located in Munhall, Pennsylvania

Exact text from the filing

focus on its core operations and to improve profitability while driving operational efficiencies. The Company currently expects to incur pre-tax cash charges of approximately $2.8 million to $6.7 million in connection with the Munhall Closure in fiscal year 2023, which is expected to include $2.6 million in severance costs and $0.2 million to $4.1 million in other

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

ASCENT INDUSTRIES CO. announced a impairment with charges of approximately $2.5 million to $10.3 million affecting welded pipe and tube facility located in Munhall, Pennsylvania.

Type: impairment
Charge: approximately $2.5 million to $10.3 million
Affected area: welded pipe and tube facility located in Munhall, Pennsylvania

Exact text from the filing

The Company also expects to incur non-cash charges of approximately $2.5 million to $10.3 million in asset impairments, inventory write-downs and other non-cash restructuring charges.

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ASCENT INDUSTRIES CO. filing history →

Source: SEC EDGAR

accession 0000095953-23-000029

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