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Ampco Pittsburgh (AP) Draws Activist Support From Galloway Capital Partners as Letter Highlights Valuation Gap and M&A Options

Summary

Galloway Capital Partners disclosed that it has built a 5.19% stake in Ampco Pittsburgh over the past 18 months, praised management for the company’s turnaround, and stated that the stock remains deeply undervalued. The letter supports the divestiture of the UK operations, offers to work constructively with management and the Board, and encourages engaging an investor relations advisor to explore strategic options, including a potential sale, merger, acquisition, or going-private transaction.

December 19, 2025

Ampco Pittsburgh Corp.
726 Bell Avenue, Suite # 301
Carnegie, PA 15106
Attn: J. Brett McBrayer, Chief Executive Officer

Dear Mr. McBrayer:

In the past 18 months Galloway Capital Partners, LLC and its affiliates (“Galloway”) have acquired a 5.19% stake in Ampco Pittsburgh Corp. (“Ampco Pittsburgh” or the “Company”).

We applaud management’s performance in turning the company around and continue to believe its extremely undervalued based on its underlying fundamentals and growth potential. The

divestiture of the UK operation was timely based on the current trade environment and protectionist policies from the Trump administration.

Our experienced team seeks to work with management and the Board to enhance shareholder awareness and value. We also urge the Board to engage the services of an experienced investor relations firm or advisor to explore transactions to create shareholder value which may include an acquisition, merger, sale, or going private transaction.

Please call me at your earliest convenient to discuss. I can be reached at (917) 405-4591 or by email at: bgalloway@gallowaycap.com.

Very truly yours,

Bruce Galloway
Chief Investment Officer

Source: https://www.sec.gov/Archives/edgar/data/6176/000173112225001701/e7148_ex99-2.htm

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