In 2016, the Corporation purchased the stock of ASW, a specialty steel producer located in Ontario, Canada. The acquisition supported the Corporation’s diversification efforts in the open-die forging market. Loss of a key customer in the first quarter of 2018, as a result of a plant closure, and loss of significant U.S. business due to tariffs imposed by the United States as of June 1, 2018, on imports of primary steel from Canada have resulted in significant losses for the Canadian operation. In October 2018, the Board of Directors of the Corporation approved a plan to sell ASW and, in the fourth quarter of 2018, the Corporation recorded an after-tax charge of $15,000 to write down the assets of ASW to their estimated fair value less costs to sell.

On September 30, 2019, the Corporation, Ampco UES Sub, Inc., an indirect subsidiary of the Corporation, and ASW entered into a Share Purchase Agreement (the “Purchase Agreement”) with Valbruna Canada Ltd., a company organized and existing under the laws of the Province of New Brunswick, Canada (the “Purchaser”). Pursuant to the Purchase Agreement, the Purchaser agreed to acquire all of the outstanding equity of ASW for $8,000 in cash. The net proceeds received at closing, after customary purchase price adjustments made in accordance with the Purchase Agreement, were $4,292. The purchase price may be further increased or decreased once the final net working capital, indebtedness and transaction expenses as of the closing date have been determined in accordance with the terms of the Purchase Agreement.

While the Corporation will continue to service the open-die forged products market, it will not have a dedicated supply of required specialty steel through a back-end integration of ASW. Instead, Union Electric Steel (“UES”), an indirect subsidiary of the Corporation, entered into a long-term supply agreement with ASW for the supply of stainless steel ingots to UES.

The sale of ASW represents a strategic shift that will have a major impact on the Corporation’s operations and financial results. As of December 31, 2018, the “asset held for sale” and “discontinued operations” criteria were met. Accordingly, as set forth in ASC 205, Presentation of Financial Statements, the assets and liabilities of ASW were presented separately as assets and liabilities of discontinued operations in the accompanying condensed consolidated balance sheet as of December 31, 2018. The assets and liabilities of ASW were classified as current because the Corporation expected to complete the sale in 2019. The operating results and cash flows of ASW have been presented as discontinued operations, for the current and prior year periods, in the accompanying condensed consolidated statements of operations and statements of cash flows. Previously, the operating results of ASW were included in the operating results of the Forged and Cast Engineered Products segment.

	December 31, 2018
Cash and cash equivalents	$	1,124
Receivables		6,928
Inventories		13,764
Other assets		1,708
Property, plant and equipment, net		11,714
Estimated charge for impairment		(15,000	)
Current assets of discontinued operations	$	20,238

Accounts payable	$	8,890
Accrued payrolls and employee benefits		178
Other current liabilities		390
Current liabilities of discontinued operations	$	9,458

The following table presents the major classes of ASW’s line items constituting the “loss from discontinued operations, net of tax” in the condensed consolidated statements of operations:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Net sales	$	9,992		$	14,849		$	35,045		$	51,227
Operating costs and expenses:
Costs of products sold (excluding depreciation and amortization)		12,772			17,858			42,407			53,358
Selling and administrative		569			513			1,700			1,671
Depreciation and amortization		0			322			0			948
Loss (gain) on disposal of assets		53			(6	)		42			(149	)
Total operating expenses		13,394			18,687			44,149			55,828
Loss from discontinued operations		(3,402	)		(3,838	)		(9,104	)		(4,601	)
Other income (expense)		4			395			73			(596	)
Loss from discontinued operations before income taxes		(3,398	)		(3,443	)		(9,031	)		(5,197	)
Income tax provision		0			0			0			(24	)
Loss from discontinued operations, net of tax	$	(3,398	)	$	(3,443	)	$	(9,031	)	$	(5,221	)

Net sales for the three and nine months ended September 30, 2019, and 2018, include $360 and $1,457, and $4,381 and $20,117, respectively, of products sold by ASW to UES. Costs of products sold (excluding depreciation and amortization) approximated the same.

Additionally, in March 2019, the Board of Directors of the Corporation approved a plan to sell certain assets of Akers National Roll Company (“ANR”), an indirect subsidiary of UES, located in Avonmore, Pennsylvania (the “Avonmore Plant”). In connection with the anticipated sale, the Corporation recognized an impairment charge of $10,082 in the first quarter of 2019, to record the assets at their estimated net realizable value. In May 2019, ANR entered into a definitive agreement to sell the Avonmore Plant, including its real estate and certain personal property, to an affiliate of WHEMCO, Inc. for $3,700. On September 30, 2019, following completion of customer orders in backlog, the transaction closed and all operations at ANR ceased. Although the sale of the Avonmore Plant is expected to mitigate the excess capacity and high operating costs of the Corporation’s cast roll operations, thereby having a positive impact on the Corporation’s operating results, the sale of the Avonmore Plant is not considered a strategic shift that will have a major effect on the Corporation’s operations per the requirements of ASC 205, Presentation of Financial Statements. Accordingly, the operating results and cash flows of ANR are included within continuing operations, versus discontinued operations, for the current year and prior year periods.