Astec Industries, Inc. to Acquire Power Flame
08 7월 2016 - 1:58AM
Astec Industries, Inc. (NASDAQ:ASTE) today announced that it has
entered into a definitive agreement to acquire substantially all of
the assets and certain liabilities of Power Flame, Inc.
(“PFI”). The transaction closing is subject to final due
diligence and customary closing conditions. The aggregate
purchase price for the assets is $43 million dollars, subject to
certain closing adjustments.
PFI, based in Parsons, Kansas, manufactures gas,
oil and combination gas/oil burners and combustion control systems
designed for commercial, industrial and process applications.
PFI began in 1948 and was acquired by Bill and Louisa Wiener in
1979.
Commenting on the announcement, Benjamin G.
Brock, President and CEO, said, “We are very pleased to welcome
Power Flame to the Astec Industries family of companies. Our
companies have known each other for over thirty years. We are
a match culturally and in our approach to business. Power
Flame is a successful, profitable company with strong market share
in each industry it serves. Power Flame also leads with
innovative technology and dependable quality products. We
thank Mr. Bill Wiener and his wife Louisa, the owners of Power
Flame for 37 years, for their collaborative effort on this
acquisition, and we are happy that Bill will remain with us as
President of Power Flame.”
Continuing, Mr. Brock said, “Power Flame joining
our family of companies reflects our stated strategy to continue
focused growth both organically and through acquisitions of strong
companies that serve the Infrastructure, Aggregate and Mining, and
Energy industries. Power Flame will continue to operate as
Power Flame, Inc. in Parsons, Kansas and will join our Energy
Group. We expect the transaction to close early in the third
quarter. More information on Power Flame and its products can
be found at www.powerflame.com.”
Astec Industries, Inc. is a manufacturer of
specialized equipment for asphalt road building; aggregate
processing; oil, gas and water well drilling; and wood
processing. Astec’s manufacturing operations are divided into
three primary business segments: road building and related
equipment (Infrastructure Group); aggregate processing and mining
equipment (Aggregate and Mining Group); and equipment for the
extraction and production of fuels, biomass production, and water
drilling equipment (Energy Group).
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
future performance of Power Flame and improvements to existing
Power Flame business operations. 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.
For Additional Information Contact:
Benjamin G. Brock
Chief Executive Officer
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 6월(6) 2024 으로 7월(7) 2024
Astec Industries (NASDAQ:ASTE)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024