Astec enters into definitive agreement to acquire CWMF Corporation

Astec (ASTE) Industries announced the signing of a definitive agreement to acquire CWMF Corporation. CWMF is a manufacturer of portable and stationary asphalt plant equipment and parts with annual revenues of approximately $50M. The distribution of CWMF products is primarily concentrated in the Midwest, South-Central and Great Lakes regions of the United States. Jaco van der Merwe, Astec President and Chief Executive Officer said, “The pending CWMF acquisition is consistent with our disciplined growth strategy. Based on the extensive product and manufacturing knowledge of our combined teams, we anticipate integration to be efficient. Our organizations are a strong cultural fit, and we look forward to having the CWMF employees join the Astec team.”