Astec Industries Announces Receipt of $122.5 Million Pellet Plant Order
March 30 2016 - 8:13AM
Astec Industries, Inc. (Nasdaq:ASTE) today announced it has
received an order for the final $122.5 million of a pellet plant
order for Highland Pellets along with a related deposit on that
order. The Company also received the remainder of the
contracted payment on the first $30 million order. The
Company previously announced receipt of the initial $30 million
order on August 20, 2015. The Company plans to build and
deliver the equipment in the additional order during 2016 and will
discuss the details of the entire order on its first quarter
earnings release conference call.
Commenting on the announcement, Benjamin G. Brock,
Chief Executive Officer, stated, “We are pleased to be able to
announce that we have been asked to build an additional $122.5
million of equipment to round out the initial $30 million order for
the first production line of this multi-line wood pellet plant
facility. Working with great customers like Highland Pellets,
we are able to build and deliver world-class equipment for the wood
pellet industry.”
Astec Industries, Inc. is a manufacturer of
specialized equipment for asphalt road building; aggregate
processing; oil, gas and water well drilling; and wood
processing. Astec’s manufacturing operations are divided into
three primary business segments: road building and related
equipment (Infrastructure Group); aggregate processing and mining
equipment (Aggregate and Mining Group); and equipment for the
extraction and production of fuels, biomass production, and water
drilling equipment (Energy Group).
The information contained in this press release
contains “forward-looking statements” (within the meaning of the
Private Securities Litigation Reform Act of 1995) regarding the
future performance of the Company. These forward-looking
statements reflect management’s expectations and are based upon
currently available information, and the Company undertakes no
obligation to update or revise such statements. These
statements are not guarantees of performance and are inherently
subject to risks and uncertainties, many of which cannot be
predicted or anticipated. Future events and actual results,
financial or otherwise, could differ materially from those
expressed in or implied by the forward-looking statements.
Important factors that could cause future events or actual results
to differ materially include Highland Pellets decision to cancel,
in whole or in part, their order or to forego the optional
orders.
For Additional Information Contact:
Benjamin G. Brock
Chief Executive Officer
Phone: (423) 867-4210
Fax: (423) 867-4127
E-mail: bbrock@astecindustries.com
or
David C. Silvious
Vice President and Chief Financial Officer
Phone: (423) 899-5898
Fax: (423) 899-4456
E-mail: dsilvious@astecindustries.com
or
Stephen C. Anderson
Vice President, Director of Investor Relations & Corporate Secretary
Phone: (423) 899-5898
Fax: (423) 899-4456
E-mail: sanderson@astecindustries.com
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