Astec sells unit for $55 million
Astec Industries on Thursday agreed to sell its American Augers unit and assets related to the Trencor large trencher product line of Astec Underground to The Charles Machine Works for $55 million in cash.
Chattanooga-based Astec said it expects the sale to the Perry, Okla., business to close before the end of the year. Total revenues of the sold business unit and product line were $42 million for the nine months ended Sept. 30, Astec said.
“We acquired the Trencor operation in 1988 and American Augers in 1999. These businesses have been very cyclical through the years,” said J. Don Brock, Astec’s chief executive, said in a statement.
Mohawk profits rise 25 percent
Mohawk Industries Inc. boosted its third quarter earnings by 25 percent over a year ago, excluding restructuring charges, to $70 million, or $1.01 per share.
The Calhoun, Ga.-based carpet maker said Thursday that net sales in the most recent three-month period were up 2 percent over a year ago to $1.5 billion.