Astec Industries to mark 50th anniversary by ringing Nasdaq bell and more business news

Staff file photo / Astec Industries produces a variety of machinery for road building and mining.

Astec will celebrate its 50th by ringing Nasdaq bell

To celebrate 50 years of designing and manufacturing heavy equipment used to build the infrastructure that connects the world, Astec Industries Inc. announced Wednesday that company President and CEO Barry Ruffalo will ring the Nasdaq Stock Market opening bell at 9:30 a.m. next Tuesday in New York. Ruffalo will be joined by members of Astec's executive team to commemorate the anniversary.

From its start in Chattanooga in 1972, Astec has become a global, billion-dollar manufacturer of equipment for asphalt road building, aggregate processing and concrete production. The company employs more than 4,000 people with sales and manufacturing operations located around the world.

"It's an honor for me and the rest of my leadership team to have this opportunity to celebrate Astec's 50th anniversary," Ruffalo said in a statement. "The company was founded with a steadfast focus on customer service, innovation, and quality. That unwavering commitment remains core to our success and lives on through our OneASTEC business model. We have a long and proud history, and I'm excited and grateful to lead Astec into the future."

Nintendo's profit rises despite chip shortages

Nintendo's profit in the April-June quarter rose 28% from a year earlier on healthy demand for its games, although console sales were dented by a shortage of semiconductors.

The Japanese video game maker behind the Super Mario and Pokemon franchises said it expects to sell 21 million Switch machines in the fiscal year that ends in March 2023.

Other game makers like Sony are also hurting due to the chip shortage but have also gotten a boost from COVID-19, which kept people at home. As pandemic precautions ease, that boost for sales and profits is wearing off.

- Compiled by Dave Flessner