Chattanooga-based Astec buys Telestack for $36 million

Chattanooga-based Astec buys Telestack for $36 million

April 1st, 2014 by Staff Report in Local - Breaking News

Astec Industries, Inc., announced today it has completed its previously announced purchase of Telestack Ltd. in Omagh, Northern Ireland, 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. Telestack markets their products throughout the world with a combination of direct sales and distribution through dealers.

In its announcement today, Astec said it anticipates the purchase will immediately add to earnings.

"Telestack and Astec share many core business values such as a commitment to customer service and providing the most innovative products for the industries we serve - infrastructure, mining and energy," Astec President Ben Brock said. "With this acquisition, we have further demonstrated our commitment to growth in not only these industries but in international markets as well."

The Chattanooga-based Astec Industries is one of the world's biggest manufacturers of pavng, mining and construction equipment.