April 2, 2014, Chattanooga, Tenn. – Astec Industries, Inc.
announced that it has completed the acquisition of European conveyor manufacturer Telestack Ltd.
April 2, 2014, Chattanooga, Tenn. – Astec Industries, Inc.
announced that it has completed the acquisition of European conveyor manufacturer Telestack Ltd.
Telestack, located in Omagh, Northern Ireland, began
operations in 1999 and specializes in the complete in-house design,
manufacture, installation and commissioning of a complete line of material
handling systems used extensively in the port, aggregate and mining industries.
Telestack markets their products throughout the world with a combination of
direct sales and distribution through dealers. Astec anticipates the synergies
between Telestack and its aggregate product lines will benefit both companies.
The total purchase price for the acquisition is $36 million
(U.S.) and is subject to certain closing adjustments, if applicable. Astec
expects the transaction to be immediately accretive to earnings.
Commenting on the acquisition, Benjamin G. Brock, Chief
Executive Officer, said, "We are excited to welcome Telestack to the Astec
Industries family of companies. Telestack and Astec share many core business
values such as a commitment to customer service and providing the most
innovative products for the industries we serve – Infrastructure, Mining and
Energy. With this acquisition, we have further demonstrated our commitment to
growth in not only these industries but in international markets as well.
Telestack will help us provide a broader product line to all of the industries
mentioned in addition to material handling at ports around the globe. From 1999
to today, Telestack has sold equipment into six continents."
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