Astec Builds on Technology Platform With Acquisition of Minds Automation Group Inc.

Rhea-AI Summary

Astec Industries (NASDAQ: ASTE) has entered into a definitive agreement to acquire MINDS Automation Group Inc., a specialist in plant automation control systems for the asphalt industry. Based in British Columbia, Canada, MINDS offers advanced, customizable technology across various regions, including the U.S. and Europe. Astec's President and CEO, Barry Ruffalo, highlighted the strategic importance of this acquisition, which aligns with Astec's growth strategy and commitment to innovation. MINDS' leadership will remain with Astec to support the advancement of automation technologies.

Positive

• Strategic acquisition expected to enhance Astec's automation technology offerings.
• MINDS' technology complements Astec's existing products in asphalt production.
• Potential for expanded market presence across multiple regions.

Negative

• None.

CHATTANOOGA, Tenn., March 23, 2022 (GLOBE NEWSWIRE) -- 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 Williams
Dir. Corporate Communications
kwilliams1@astecindustries.com
+1 (423) 553-5976

Investor Contact:
Steve Anderson
SVP Administration & Investor Relations
sanderson@astecindustries.com
+1 (423) 899-4456

FAQ

What is Astec's acquisition plan involving MINDS?

Astec Industries plans to acquire MINDS Automation Group to enhance its automation technology capabilities in the asphalt industry.

How does the acquisition of MINDS benefit Astec (ASTE)?

The acquisition is expected to strengthen Astec's product offerings and market position in plant automation for asphalt production.

When was the acquisition of MINDS by Astec announced?

The acquisition was announced on March 23, 2022.

Who will remain with Astec following the acquisition of MINDS?

MINDS CEO Pierre Vidaillac and the leadership team will continue with Astec to support the advancement of automation technologies.

What is the significance of MINDS in relation to Astec's growth strategy?

MINDS' automation systems will enhance Astec's digital platform and align with its OneASTEC growth strategy.