Astec Industries, Inc. Completes Power Flame Acquisition
August 01 2016 - 2:37PM
Astec Industries, Inc. (NASDAQ:ASTE) today announced that it has
completed the acquisition of substantially all of the assets and
certain liabilities of Power Flame Incorporated (“PFI”).
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.
The aggregate purchase price for the assets is
$43 million dollars, subject to certain closing adjustments, if
applicable.
Commenting on the announcement, Benjamin G.
Brock, President and CEO, said, “We are pleased to confirm the
completion of our previously announced transaction with Power
Flame. More importantly, we are proud to add a successful and
profitable company to the Astec Industries family.”
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
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