Astec Industries, Inc. Acquires Telestack Ltd.
01 4월 2014 - 9:00PM
Astec Industries, Inc. (Nasdaq:ASTE) today announced that it has
completed the acquisition of Telestack Ltd.
Telestack, located in Omagh, Northern Ireland, began operations
in 1999 and specializes in the complete in-house design,
manufacture, installation and commissioning of a complete line of
material handling systems used extensively in the port, aggregate
and mining industries. Telestack markets their products throughout
the world with a combination of direct sales and distribution
through dealers. Astec anticipates the synergies between Telestack
and its aggregate product lines will benefit both companies.
The total purchase price for the acquisition is $36 million
(U.S.) and is subject to certain closing adjustments, if
applicable. Astec expects the transaction to be immediately
accretive to earnings.
Commenting on the acquisition, Benjamin G. Brock, Chief
Executive Officer, said, "We are excited to welcome Telestack to
the Astec Industries family of companies. Telestack and Astec share
many core business values such as a commitment to customer service
and providing the most innovative products for the industries we
serve – Infrastructure, Mining and Energy. With this acquisition,
we have further demonstrated our commitment to growth in not only
these industries but in international markets as well. Telestack
will help us provide a broader product line to all of the
industries mentioned in addition to material handling at ports
around the globe. From 1999 to today, Telestack has sold equipment
into six continents."
To find out more about Telestack go to www.telestack.com.
Astec Industries, Inc. is a manufacturer of specialized
equipment for building and restoring the world's infrastructure.
Astec's manufacturing operations are divided into four primary
business segments: aggregate processing and mining equipment;
asphalt production equipment; mobile asphalt paving equipment; and
oil, gas and water drilling equipment (Underground Group).
Additionally, the Other Group contains one subsidiary that
manufactures equipment used for wood processing and recycling and
one that is a company-owned dealership located in Australia.
The information contained in this press release contains
"forward-looking statements" (within the meaning of the Private
Securities Litigation Reform Act of 1995) regarding the future
performance of the Company, including statements about the future
performance of Telestack, improvements to existing Telestack
business operations, and synergies with Astec's existing
businesses. These forward-looking statements reflect management's
expectations and are based upon currently available information,
and the Company undertakes no obligation to update or revise such
statements. These statements are not guarantees of performance and
are inherently subject to risks and uncertainties, many of which
cannot be predicted or anticipated. Future events and actual
results, financial or otherwise, could differ materially from those
expressed in or implied by the forward-looking statements.
CONTACT: For Additional Information Contact:
Benjamin G. Brock
President and C.E.O.
Phone: (423) 867-4210
Fax: (423) 867-4127
E-mail: bbrock@astecindustries.com
or
David C. Silvious
Vice President and Chief Financial Officer
Phone: (423) 899-5898
Fax: (423) 899-4456
E-mail: dsilvious@astecindustries.com
or
Stephen C. Anderson
Vice President, Director of Investor Relations &
Corporate Secretary
Phone: (423) 899-5898
Fax: (423) 899-4456
E-mail: sanderson@astecindustries.com
Astec Industries (NASDAQ:ASTE)
과거 데이터 주식 차트
부터 9월(9) 2024 으로 10월(10) 2024
Astec Industries (NASDAQ:ASTE)
과거 데이터 주식 차트
부터 10월(10) 2023 으로 10월(10) 2024