Discontinued Operations

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

On December 29, 2023, the Company completed the sale of its Aluminum Products business to Angstrom for approximately $50 million in cash and promissory notes, plus the assumption of approximately $3 million of finance lease obligations. The total purchase price consisted of a cash down payment of $20.0 million paid to the Company in December 2022; cash of $15.5 million paid to the Company at closing; and promissory notes totaling $15.0 million payable to the Company on December 31, 2024, of which $10.0 million is contingent on the Aluminum Products business attaining certain purchase commitments during 2024. In connection with the sale agreement, the promissory note of $25.0 million previously issued to the Company was deemed to be satisfied in full.

	Year Ended December 31,
	2023		2022		2021
Net sales	$	180.6	$	210.4	$	161.0
Cost of sales	164.9		220.0		169.3
Selling, general and administrative	15.8		14.2		11.5
Restructuring and other special charges	—		3.9		4.0
Goodwill impairment	—		—		4.6
Operating loss	(0.1)		(27.7)		(28.4)
Interest expense1	(3.3)		(2.8)		(3.0)
Loss from operation of discontinued operations	(3.4)		(30.5)		(31.4)
Loss on sale of discontinued operations	(28.3)		—		—
Loss on classification as held-for-sale	—		(1.8)		—
Income tax benefit	5.5		8.0		5.5
Loss from discontinued operations, net of tax	$	(26.2)	$	(24.3)	$	(25.9)

(1) - Interest expense includes an allocation of interest that is not directly attributable to our Aluminum Products business, totaling $3.0 million, $2.5 million and $2.6 million in 2023, 2022 and 2021, respectively.