April 1, 2014
The acquisition is subject to certain closing adjustments. Astec says it expects the acquisition to start adding value immediately.
The company also noted that Telestack’s synergies with its aggregate product lines is anticipated to benefit both businesses.
“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,” saud Benjamin G. Brock, Astec CEO.
“With this acquisition, we have further demonstrated our commitment to growth in not only these industries but in international markets as well,” he continued. “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.”