Astec Builds on Technology Platform With Acquisition of Minds Automation Group Inc.
March 23 2022 - 7:01AM
Astec Industries (NASDAQ: ASTE) announces entering into a
definitive agreement to acquire MINDS Automation Group Inc.
(MINDS), a leader in plant automation control systems and
cloud-based data management in the asphalt industry. MINDS,
headquartered in British Columbia, Canada, has locations in the
U.S., United Kingdom, France, and Belgium. The company develops
user-friendly, advanced, customizable plant automation control
systems for drum, batch, combo/hybrid hot mix plants, emulsion
plants, liquid terminals, silo load-out, ticketing and data
management for the asphalt industry.
“MINDS technology complements our existing
offerings for asphalt production joining Astec Controls and
Grathwol Automation as we build out a digital platform across our
Rock to Road value chain of products,” said Barry Ruffalo,
President and CEO Astec Industries. “Our combined business will
provide the knowledge and resources to further invest in industry
leading innovations that drive value for customers.”
MINDS Inc. CEO Pierre Vidaillac and the
leadership team will stay with Astec to support the advancement of
our automation and controls technology and our overall Rock to
Road™ digital platform.
“We are excited to join Astec. We are a good fit
with the company and its products and services,” said Pierre
Vidaillac,” CEO of MINDS. “Astec built its business applying
state-of-the-art technology to the industry. They have a reputation
for innovation, and we are looking forward to contributing to their
growth and long-term success.”
Astec’s acquisition of MINDS is consistent with
the company’s Purpose – Built to Connect, OneASTEC business model
and growth strategy. The company is taking advantage of its strong
balance sheet to complete the acquisition and invest in its
long-term profitable growth.
About Astec
Industries, Inc.
Since 1972, Astec Industries, Inc. has been
connecting communities by providing innovative rock to road
solutions for our customers. United by our purpose - Built to
Connect - Astec is a leading global manufacturer of specialized
equipment for asphalt road building, aggregate processing, and
concrete production. Operations are divided into two primary
business segments. Infrastructure Solutions includes road building,
asphalt and concrete plants, thermal and storage solutions.
Material Solutions includes aggregate and other material processing
solutions. For more information, visit astecindustries.com and
follow us on social media.
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About MINDS Inc.
MINDS is an industry leader in advanced
customizable asphalt plant control systems for continuous,
discontinuous, combo/hybrid hot mix plants, emulsion and modify
bitumen plants, silo load-out, ticketing and data management for
the asphalt industry. Incorporated in 1994, MINDS has more than 25
years of experience in producing asphalt quality control, plant
automation and plant maintenance software and systems.
Media Contact:Kaycie WilliamsDir. Corporate
Communicationskwilliams1@astecindustries.com+1 (423) 553-5976
Investor Contact:Steve Anderson
SVP Administration & Investor
Relationssanderson@astecindustries.com+1 (423) 899-4456
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