Business Briefs: Chattanooga-based Astec completes buying Telestack

Business Briefs: Chattanooga-based Astec completes buying Telestack

April 2nd, 2014 by Staff Reports in Business Around the Region

J. Don Brock, right, and his son Ben stand near a piece of machinery manufactured by their company, Astec Industries, in Chattanooga, Tenn.

Photo by Doug Strickland/Times Free Press.

Chattanooga-based Astec completes buying Telestack

Astec Industries, Inc., completed its purchase of Telestack Ltd. in Omagh, Northern Ireland, on Tuesday for $36 million.

Telestack, which began operations in 1999, designs and makes a complete line of material handling systems used in the port, aggregate and mining industries. Astec said the purchase will immediately add to earnings.

"With this acquisition, we have further demonstrated our commitment to growth in not only these industries but in international markets as well," Astec President Ben Brock said.

Northgate makes piano donation

Northgate Mall has donated a baby grand piano as a fundraiser for Northside Neighborhood House.

Northgate staffers came across the piano previously used in the mall to entertain shoppers. The 1990 Kawai baby grand piano was recently appraised for over $3,000. Mall spokesperson Catharine Wells reached out to Northside Neighborhood House to see if it could utilize the piano and the fundraising idea was put into motion.

The piano is on display in at the mall. Bidders are asked to visit to place a bid before Friday at 6 p.m..

"We appreciate the generosity and support of local businesses like Northgate Mall," says Brianne Carswell, development director.