posted August 5, 2008
Astec Industries, Inc. (Nasdaq: ASTE) today announced that it has entered into a definitive agreement to acquire Dillman Equipment, Inc. ("Dillman"), a manufacturer of asphalt plant equipment, headquartered in Prairie du Chien, Wis.
Incorporated in 1994, Dillman is a leading manufacturer of asphalt plant equipment. The company supplies the asphalt industry with asphalt plant equipment that includes asphalt storage silos, DuoDrum(TM) counterflow drum plants, cold feed systems, recycle systems, baghouses, dust silos, air pollution control systems, portable asphalt plants, drag slats, transfer conveyors, plant controls, control houses, silos, asphalt storage tanks, parts, and field services. The company will continue its manufacturing operations in Prairie du Chien, Wisconsin as a division of Astec, Inc.
The transaction is expected to close during the fourth calendar quarter.
Dr. J. Don Brock, chairman and chief executive officer, said, "We are pleased to announce the acquisition of Dillman Equipment, Inc. Astec management has known the Dillman family for many years as respected manufacturers. The expansion of Astec's manufacturing capacity, the addition of a proven product line, and a location well-positioned to service both Dillman and Astec customers are among the principal benefits of the acquisition. The manufacturing capacity will be beneficial to Astec's increasing international sales. Dillman has a culture similar to Astec and we are pleased to be able to expand our operations into other areas of the country via this transaction. Brian Dillman will continue employment with the Dillman Division team."
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