Synalloy Corporation Announces Rebrand to Ascent Industries Co.

2022-08-12 23:59:01 By : Ms. Angela Li

Rebranding Better Aligns Company’s Go-to-Market Strategy with its Upward Growth Trajectory and Reinvigorated Corporate Mission

Company to Ring the Nasdaq Closing Bell in Celebration of the Rebrand on August 15, 2022

OAK BROOK, Ill., August 04, 2022--(BUSINESS WIRE)--Synalloy Corporation (Nasdaq: SYNL) ("Synalloy" or the "Company"), an industrials company focused on the production and distribution of industrial tubular products and specialty chemicals, is announcing a corporate rebrand from Synalloy Corporation to Ascent Industries Co. ("Ascent") effective August 10, 2022. The Company’s stock ticker symbol will change from "SYNL" to "ACNT" on the Nasdaq stock exchange, and trading under the new stock ticker symbol will commence on August 10th. Holders of common stock are not required to exchange current outstanding stock certificates for new stock certificates.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220804005327/en/

With over 75 years in the pipe, tube and chemicals manufacturing industry, the rebrand signifies the next chapter of the Company’s transformation towards building the most efficient industrial manufacturing companies in the world. Through its existing partnership of companies obsessively pursuing improvement and growth, Ascent is committed to fostering an environment that focuses on maximizing efficiency across its operations and driving sustainable, long-term value to its shareholders.

In addition, Ascent seeks to continue to grow and expand its segments through the acquisition of companies with strong research and development resources that can drive new and long-term production capabilities and higher value additive products to its mix.

To view a video of the Company’s rebranded vision coming to life, please click here.

"As we continue to make notable progress on our transformation efforts, it is time to establish a strong and unified brand that reflects the vision and mission we have for our company," said Ben Rosenzweig, Executive Chairman of Synalloy. "Our platform is now more robust and diverse than ever before, and our rebrand to Ascent represents our commitment to unlocking the potential of our industrial manufacturing portfolio. Looking forward, we remain focused on expanding our footprint and capabilities, while capturing more efficiencies through innovation and automation across our operations."

Commenting on the rebrand, Chris Hutter, President and CEO of Synalloy, stated: "Since the start of our transformation journey, we’ve made it a priority to grow by fostering an environment of entrepreneurial creativity, working tirelessly to improve our production processes, and seeking to continuously innovate for the benefit of our customers. With a leading management team, a more efficient organization, the acquisition of DanChem and an upgraded commercial strategy, we have achieved record results in net sales, net income, and adjusted EBITDA for the past two consecutive quarters.

"Upon initiating the rebrand process, we have enjoyed engaging with our customers, investors and partners and hearing what they love about our Company, and we wanted to ensure our branding reflected what we do best. We are confident that by unifying our business segments, our new identity matches our mission to build the most efficient industrial manufacturing companies in the world. The rebrand to Ascent embodies the considerable progress that we have made and our growth prospects into the future."

In celebration of the Company’s rebrand, the executive leadership team will be visiting the Nasdaq MarketSite in Times Square, New York to ring the Nasdaq Stock Market Closing Bell on August 15, 2022. On the day of the ceremony, a live stream of the Nasdaq Closing Bell will be available at https://www.nasdaq.com/marketsite/bell-ringing-ceremony.

The Company’s corporate website, including the investor relations portion of the site, will be relocating to www.ascentco.com. On August 10th, the public will be able to reach the investor relations department at ACNT@gatewayir.com.

The Company’s executive team will be reporting financial results for the second quarter of 2022 and further expanding on the rebranded vision on August 9, 2022, at 5:00 p.m. Eastern time.

Synalloy Corporation (Nasdaq: SYNL) is a company that engages in a number of diverse business activities including the production of stainless and galvanized tubular products, the distribution of seamless tubular products, and the production of specialty chemicals. For more information about Synalloy Corporation, please visit its web site at www.synalloy.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220804005327/en/

Company Aaron Tam Chief Financial Officer 1-804-822-3260

Investor Relations Cody Slach and Cody Cree Gateway Group, Inc. 1-949-574-3860 SYNL@gatewayir.com

Pearson, Mercer International and BCB Bancorp NJ are part of Zacks Screen of the week article.

Chicken Soup For The Soul, which operates ad-supported stream video sites, now owns the Redbox chain of DVD rental kiosks.

Yahoo Finance's Brad Smith and Brian Sozzi break down two other business stories today regarding Chicken Soup for the Soul Entertainment and Ford.

SNDL Inc. (NASDAQ: SNDL) ("SNDL" or the "Company") reported its financial and operational results for the second quarter ended June 30, 2022. All financial information in this press release is reported in millions of Canadian dollars unless otherwise indicated. All results for the second quarter of 2021 exclude the subsequent acquisitions of Inner Spirit Holdings ("Spiritleaf") and Alcanna Inc. ("Alcanna"), which closed on July 20, 2021, and March 31, 2022, respectively.

The entrepreneur Mark Cuban just took a stand in a debate that's hotly controversial in business circles and Congress.

These are the top trending tickers on Yahoo Finance after-hours on Aug. 12.

In this article, we will discuss 10 EV stocks that will benefit from the Climate Change Bill 2022. If you want to skip reading about the details of the bill, go directly to 5 EV Stocks that Will Benefit from Climate Change Bill 2022. On August 7, the U.S. Senate approved a comprehensive $430 billion […]

In this article, we talk about 11 best falling stocks to buy now. If you wish to skip our detailed analysis of the latest market situation, go directly to 5 Best Falling Stocks To Buy Now. After a brutal 2022 which saw the S&P500 shed more than 21% in the first half of the year, Q2 […]

In this article, we discuss 10 Chinese stocks investors are shorting. If you want to skip our discussion about the turmoil in the Chinese economy, go directly to Investors are Shorting These 5 Chinese Stocks. NIO Inc. (NYSE:NIO), KE Holdings Inc. (NYSE:BEKE), and TAL Education Group (NYSE:TAL) are some of the stocks that investors are […]

The board of Devon Energy Corporation ( NYSE:DVN ) has announced that it will be paying its dividend of $1.55 on the...

Three state-owned Chinese corporate giants announced plans Friday to remove their shares from the New York Stock Exchange, adding to a growing financial separation between the biggest global economies in the midst of a dispute over scrutiny of company audits.

Inflation is still near multi-decade highs. Mr. Wonderful is using these stocks to fight back.

Inflation has been making headlines all year, and rightly so; it’s at 40-year high levels, driven by sharp increases in the prices of gasoline and diesel fuels. But oil and its various refined products have come down in recent weeks, and so – the July inflation numbers weren’t as bad as had been feared. The overall year-over-year price increase for the month came to 8.5%, still awful, but less than the 8.7% economists had been predicting. Markets these days are rallying in response. Whether this

Ford Motor Company (F) has received quite a bit of attention from Zacks.com users lately. Therefore, it is wise to be aware of the facts that can impact the stock's prospects.

(Bloomberg) -- Principal Global Investors’ Seema Shah is no stock market bull but says the rally that erupted Wednesday may continue until the head of the Federal Reserve steps up and stops it.Most Read from BloombergStriking Drop in Stress Hormone Predicts Long Covid in StudyThe Fed’s Damage to the Housing Market May Last YearsGarland Seeks to Unseal Trump Warrant, Says He Approved SearchChina Has Painted Itself Into a Semiconductor CornerRuto, Odinga Shy of Victory in Latest Vote Counts: Kenya

Tesla has given investors something to look forward to this coming week: a three-for-one stock split. As of the close of trading on Aug. 24, Tesla shareholders will get a “dividend” of two extra shares. The next day, Tesla stock will start trading at the new price—a third of what it used to be.

The super investor sees softness. But is sticking to her guns.

Profit warnings from Nvidia and Micron have sent a chill through chip stocks, but the long-term opportunity is still intact.

In this article, we discuss 10 best blue chip dividend stocks to buy in August. You can skip our detailed analysis of dividend stocks and their importance in the current market environment, and go directly to read 5 Best Blue Chip Dividend Stocks to Buy in August. The current market environment has forced investors to […]

Retirees and those seeking secure income got two items of very good news this week, though you may only have heard about one. July’s inflation came in below fears (although a debate now rages on what the “real” inflation rate is—more on that below). Meanwhile, your ability to earn a guaranteed rate of return on risk-free investments, regardless of what happens to inflation, actually went up.