Astec To Acquire Concrete Equipment Providers CON-E-CO AND BMH Systems
04 8월 2020 - 1:05AM
Astec Industries, Inc. (Nasdaq:ASTE) today announced the
acquisition of two premier full-line concrete batch plant
manufacturers serving customers around the world. Astec has
acquired Concrete Equipment Company, Inc. (“CON-E-CO”) and BMH
Systems, Inc. (“BMH”), which had combined annualized sales in 2019
of approximately $50 million. The acquisitions were funded with
cash on hand and will be immediately accretive to EPS. Terms of the
transactions were not disclosed.
“We are very pleased to welcome CON-E-CO and BMH
Systems to Astec,” commented Barry A. Ruffalo, Chief Executive
Officer of Astec. “The addition of these highly regarded brands,
along with our existing RexCon brand of concrete products will
significantly strengthen our ability to serve our customers’ needs
- Rock to Road. By bringing these product lines together, our
global customers will have access to the most robust line of
concrete products in the infrastructure industry. Both
organizations are an excellent cultural fit with Astec, as they are
customer focused, innovative and performance-oriented. These
acquisitions also reflect our disciplined capital allocation
process, and we maintain significant financial flexibility as we
continue to effectively manage our operations in this unprecedented
environment.”
CON-E-CO
CON-E-CO, headquartered in Blair, Nebraska,
engineers, manufactures and supports a complete line of portable
and stationary concrete batch plants, mixers, material handling
systems and dust control. CON-E-CO’s complementary brands and
product lines will enable Astec to better compete in the concrete
market while leveraging sales and purchasing across the combined
organizations.
BMH Systems
BMH Systems, headquartered in Montreal, Canada,
specializes in high performance concrete batch plants, bagging
plants and custom batch plants to service the needs of
infrastructure projects around the world. The integration of the
BMH Systems product lines into Astec provides a comprehensive
concrete plant offering in North America, enhances engineering
expertise, creates cost synergy opportunities and delivers a strong
platform to promote additional asphalt plant sales in the Canadian
market.
About Astec Industries,
Inc.
Astec Industries, Inc.
(www.astecindustries.com), is a manufacturer of specialized
equipment for asphalt road building, aggregate processing and
concrete production. Astec’s manufacturing operations are divided
into two primary business segments: Infrastructure Solutions that
includes road building, asphalt and concrete plant, thermal and
storage solutions; and Materials Solutions that include our
aggregate processing and mining equipment.
Forward-Looking Statements
The information contained in this presentation
and discussion contains “forward-looking statements” (within the
meaning of the Private Securities Litigation Reform Act of 1995)
regarding the future performance of the Company. 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.
Important factors that could cause future events or actual results
to differ materially include: general uncertainty in the economy,
oil, gas and liquid asphalt prices, rising steel prices, decreased
funding for highway projects, the relative strength/weakness of the
dollar to foreign currencies, production capacity, general business
conditions in the industry, demand for the Company’s products,
seasonality and cyclicality in operating results, seasonality of
sales volumes or lower than expected sales volumes, lower than
expected margins on custom equipment orders, competitive activity,
tax rates and the impact of future legislation thereon, and those
other factors listed from time to time in the Company’s reports
filed with the Securities and Exchange Commission, including but
not limited to the Company’s annual report on Form 10-K for the
year ended December 31, 2019.
For Additional Information Contact:
Stephen C. Anderson Senior Vice President of
Administration and Investor Relations, Secretary Phone: (423)
899-5898 Fax: (423) 899-4456 E-mail:
sanderson@astecindustries.com
Astec Industries (NASDAQ:ASTE)
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