ASCENT INDUSTRIES CO
For the period ended Dec 31, 2023. Filed Apr 1, 2024.
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FY2023 · Filed Apr 1, 2024
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Item 2. Properties
The Company operates the major plants and facilities listed below, all of which are in adequate condition for their current usage and are able to accommodate our capacity needs for the immediate future. Substantially all of the value of the Company's leased plants and facilities relate to the Master Lease with Store Master Funding XII, LLC (“Store”), an affiliate of Store Capital Corporation ("Store Capital") that was entered into in 2016 and amended in 2019 and 2020; see Note 7 to the consolidated financial statements included in Item 8 of this Form 10-K for additional information on the Company's leases.
The following table sets forth certain information concerning our principal properties including which segment's products are supported out of each location:
| Segment | ||||||
|---|---|---|---|---|---|---|
| Location | Principal Operations | Square Feet | Land Acres | Leased or Owned | TubularProducts | Specialty Chemicals |
| Bristol, TN | Manufacturing stainless steel pipe | 275,000 | 73.1 | Leased | ✔ | |
| Cleveland, TN | Chemical manufacturing and warehousing | 143,000 | 18.8 | Leased | ✔ | |
| Fountain Inn, SC | Chemical manufacturing and warehousing | 136,834 | 16.9 | Leased | ✔ | |
| Danville, VA | Chemical manufacturing and warehousing | 135,811 | 55.3 | Owned | ✔ | |
| Troutman, NC | Manufacturing ornamental stainless steel tube | 106,657 | 26.5 | Leased | ✔ | |
| Statesville, NC | Manufacturing ornamental stainless steel tube | 83,000 | 26.8 | Leased | ✔ | |
The following table sets forth certain information concerning other properties under the Master Lease in which the Company is the responsible party:
| Location | Principal Operations | Square Feet | Land Acres | Leased or Owned |
|---|---|---|---|---|
| Munhall, PA1 | Manufacturing stainless steel pipe | 284,000 | 20.0 | Leased |
| Andrews, TX2 | Liquid storage solutions and separation equipment | 122,662 | 19.6 | Leased |
| Houston, TX3 | Cutting facility and storage yard for heavy walled pipe | 29,821 | 10.0 | Leased |
| Mineral Ridge, OH3 | Cutting facility and storage yard for heavy walled pipe | 12,000 | 12.0 | Leased |
1 Company ceased operations as of August 31, 2023
2 Company currently subleases facility to a third party
3 Company sold substantially all assets of SPT as of December 22, 2023. The Company remains obligated under the terms of the leases for the rent and other costs that may be associated with the lease of the facilities and is reimbursed for facility lease costs under the transition services agreement executed as part of transaction
In addition to the facilities listed above, the Company leases from a third party the Company's executive office located in Oak Brook, Illinois.
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