UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 20, 2015
 
Astec Industries, Inc.
(Exact name of registrant as specified in its charter)
 
Tennessee
001-11595
62-0873631
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
1725 Shepherd Road
Chattanooga, Tennessee 37421
(Address of principal executive offices) (Zip Code)
 
Registrant’s telephone number, including area code: (423) 899-5898
 
N/A
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




Item 8.01. Other Events
 
On August 20, 2015,  Astec Industries issued a press release announcing it has entered into an agreement and received a related down payment to build, deliver and install the first production line af a new turnkey wood pellet production facility. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

 
Item 9.01. Financial Statements and Exhibits
 
(d) Exhibits
99.1 Press Release, dated August 20, 2015.
 
 
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 20, 2015
ASTEC INDUSTRIES, INC.
By:/s/ David C. Silvious
David C. Silvious
Vice President and Chief Financial Officer
(Principal Financial Officer)


 
Exhibit 99.1
Astec Industries, Inc.
1725 Shepherd Road | Chattanooga, TN 37421 | Phone (423) 899-5898 | Fax 899-4456
News Release
 
ASTEC INDUSTRIES ANNOUNCES $30 MILLION PELLET PLANT ORDER

CHATTANOOGA, Tenn. (August 20, 2015) - Astec Industries, Inc. (Nasdaq:  ASTE) today announced it has entered into an agreement and received a related down payment to build, deliver and install the first production line of a new turnkey wood pellet production facility.  The $30 million agreement with Highland Pellets, LLC includes the option to add additional production lines, related equipment and installation services which could bring the total order amount to $143 million.  Astec expects to deliver the first production line and related equipment no later than early 2016.

Commenting on the announcement, Benjamin G. Brock, Chief Executive Officer, stated, "We are pleased to announce this $30 million order for the first production line of a planned multi-line wood pellet plant facility.  Highland Pellets has been great to work with on this agreement and we look forward to a long-term relationship with them."

Although Astec has received an order and a down payment on the first $30 million portion of the facility, the remaining $113 million worth of goods and services is optional.  While Astec believes Highland Pellets will place the additional orders, it is not obligated to do so.  Astec is not financing this order and will generally recognize revenue on the first production line and any subsequent production lines when they are delivered to Highland Pellets.

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.  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 Highland Pellets decision to cancel, in whole or in part, their order or to forego the optional orders.

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)
Historical Stock Chart
From Oct 2024 to Nov 2024 Click Here for more Astec Industries Charts.
Astec Industries (NASDAQ:ASTE)
Historical Stock Chart
From Nov 2023 to Nov 2024 Click Here for more Astec Industries Charts.