Astec Industries, Inc. (ASTE) is a Tennessee-based corporation that designs, engineers, manufactures, markets, and services equipment and components primarily used in asphalt and concrete road building and related construction activities. The company also produces equipment for industries such as mining, quarrying, construction, demolition, land clearing, and recycling. Astec's offerings include industrial automation controls, telematics platforms, replacement parts, and specialized heavy equipment.
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Infrastructure Solutions - Designs, engineers, and manufactures asphalt plants, concrete plants, asphalt road construction equipment, industrial thermal systems, land clearing, and recycling equipment. Includes the Astec Digital Ecosystem, which connects products to provide operational insights.
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Materials Solutions - Designs and manufactures heavy rock processing equipment for aggregate, mining, recycling, ports, and bulk handling markets. Offers consulting and engineering services for turnkey processing systems.
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Replacement Parts - Manufactures and sells replacement parts for its equipment lines and some competitors' equipment, supporting operational continuity and efficiency.
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Specialized Equipment - Produces industrial heat transfer equipment, commercial whole-tree pulpwood chippers, horizontal grinders, blower trucks, commercial and industrial burners, and combustion control systems.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Jaco G. van der Merwe ExecutiveBoard | President and Chief Executive Officer (CEO) | Jaco G. van der Merwe has served as the CEO of Astec Industries since January 2023 and is a Class I Director on their Board of Directors with his term expiring in 2026. | View Report → | |
Barend Snyman Executive | Group President — Infrastructure Solutions | Barend Snyman is a seasoned executive with over 25 years of experience in the capital equipment mining industry, having started his career as an automations engineer in South Africa and moving to the US in 2010 with Komatsu Mining. He most recently joined Astec Industries as Group President — Infrastructure Solutions in July 2023, after serving in senior roles including a strategy executive at Cleaver-Brooks. | ||
Brian J. Harris Executive | Chief Financial Officer (CFO) | CFO of Astec Industries since October 7, 2024, with extensive financial leadership experience gained from prior executive roles at Summit Materials and Bausch + Lomb Corporation. | ||
E. Terrell Gilbert Executive | General Counsel, Chief Compliance Officer, and Corporate Secretary | E. Terrell Gilbert has served as General Counsel, Chief Compliance Officer, and Corporate Secretary at ASTE since March 25, 2024, and previously held executive legal roles at Mohawk Industries and Beazer Homes USA. | ||
Michael P. Norris Executive | Group President — Materials Solutions | Board Member at Bethlehem Center | Michael P. Norris has been the Group President — Materials Solutions at ASTE since November 2023, following roles as Senior Vice President of International & Aftermarket Sales and Vice President of International. He joined ASTE in January 2018 and brings extensive leadership experience from international operations and sales. | |
Robert G. Putney Executive | Vice President, Chief Accounting Officer, and Business Development | Robert G. Putney has been serving as the Vice President, Chief Accounting Officer, and Business Development at ASTE since February 21, 2025. Previously, he served as Vice President, Business Development starting in September 2024. | ||
Dr. Winford Board | Class II Director | President of Prairie Contractors, LLC | Dr. Winford joined ASTE in July 2023 as a Class II Director and member of the Nominating and Corporate Governance Committee, bringing over 30 years of industry experience. | |
Jeffrey T. Jackson Board | Class II Director | CEO of Cabinetworks Group; Director of PGT Innovations; Director of Smith Douglas Homes Corp | Jeffrey T. Jackson is a Class II Director at Astec Industries, Inc. since January 18, 2024. He brings extensive leadership experience, having served as CEO of Cabinetworks Group and formerly as President and CEO of PGT Innovations Inc.. | |
Linda Knoll Board | Director, Chair of the Compensation Committee | Director at Schneider Electric SE (Chair of Human Capital & Remuneration Committee, Governance and Sustainability Committee); Director at Iveco Group N.V. (Chair of Human Capital and Compensation Committee, ESG Committee) | Linda Knoll has served as a director at ASTE since 2022 and is the Chair of the Compensation Committee. She brings extensive board and leadership experience from her roles at companies such as CNH Industrial, FCA, Schneider Electric SE, and Iveco Group N.V.. | |
Mark J. Gliebe Board | Director | Spring Window Fashions; Joy Global, Inc.; National Electrical Manufacturing Association | Mark J. Gliebe is a seasoned executive with extensive experience in global manufacturing operations at companies including GE and Regal Beloit, and he has been serving as a Class II director at ASTE since 2022. | |
Mary Howell Board | Director | Chairman of the Board of V2X | Mary L. Howell has been a director of Astec Industries, Inc. since 2019 and currently serves as the Chair of the Nominating and Corporate Governance Committee. She has extensive board experience, including serving as the Chairman of the Board of V2X. | |
Patrick S. Shannon Board | Class II Director | Patrick S. Shannon is a seasoned finance executive currently serving as a Class II Director at Astec Industries, Inc. since 2024. He has held key roles including CFO positions at major companies such as AGCO, Ingersoll Rand, and Allegion. | ||
Tracey Cook Board | Director | Senior Vice President at Fluor Corporation | Tracey H. Cook has been a director of Astec Industries, Inc. since 2018 and serves as the Chair of the Audit Committee and a member of the Compensation Committee. She brings over 30 years of experience in finance and operations, and she is currently the Senior Vice President at Fluor Corporation. | |
William D. Gehl Board | Chairman of the Board | Owner and Chairman of IBD of Southeastern Wisconsin; Chairman of the Board and Director of FreightCar America | William D. Gehl currently serves as the Chairman of the Board at Astec Industries, having been a Director since 1999. He has a distinguished career with previous executive roles, including serving as CEO and Chairman at Gehl Company and as Owner and Chairman at IBD of Southeastern Wisconsin. |
- Given that your margin improvement was highlighted as being driven largely by the One Aztec procurement team’s ability to mitigate tariff impacts and improve mix, can you break down the specific contribution of pricing versus operational efficiency to the overall margin expansion this quarter?
- You mentioned that tariff effects were mostly mitigated and did not provide a specific EPS drag number; could you elaborate on the proactive measures taken and quantify the residual impact, if any, on our earnings going forward?
- With the recent TerraSource acquisition expected to be accretive from day one, can you detail the integration challenges you foresee and how you plan to achieve the projected $13M-$17M adjusted EBITDA contribution in the second half?
- While your working capital management has improved free cash flow conversion significantly, what specific actions in receivables and payables are most effective, and do you expect this trend to be sustainable or even improve in the coming quarters?
- Considering the pronounced differences in the performance of asphalt and concrete plants versus mobile paving equipment, what strategies will you implement to address the softening demand in mobile paving, and how will you balance inventory levels amid these market shifts?
Research analysts who have asked questions during ASTEC INDUSTRIES earnings calls.
Steve Ferazani
Sidoti & Company
3 questions for ASTE
Alex Hantman
Sidoti & Company
1 question for ASTE
Brian Sponheimer
Gabelli Funds
1 question for ASTE
Joseph Grabowski
Robert W. Baird & Co.
1 question for ASTE
Mircea Dobre
Robert W. Baird & Co.
1 question for ASTE
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Asphalt Drum Mixers Inc | This competitor operates in the asphalt plants and related components market, which is part of the Infrastructure Solutions segment. The industry faces strong competition in price, service, and product performance. |
Asphalt Equipment Company Inc. dba ALmix | This company is a competitor in the asphalt plants and related components market, competing on price, service, and product performance. |
Ammann Group | This competitor is active in the asphalt plants and related components market, which is characterized by strong competition in price, service, and product performance. |
This company competes in the asphalt plants and related components market, which is part of the Infrastructure Solutions segment. | |
This competitor operates in the asphalt plants and related components market, which is part of the Infrastructure Solutions segment. | |
ERIE Strayer Company | This competitor is active in the concrete equipment market, which is part of the Infrastructure Solutions segment. |
Stephens Manufacturing | This company competes in the concrete equipment market, which is characterized by strong competition in price, service, and product performance. |
Vince Hagan Co. | This competitor operates in the concrete equipment market, which is part of the Infrastructure Solutions segment. |
Bomag (part of Fayat Group) | This company competes in the paving and related equipment market as well as the milling equipment market, which are part of the Infrastructure Solutions segment. |
This competitor is active in the paving and related equipment market and the milling equipment market, competing on price, service, and product performance. | |
Dynapac (part of Fayat Group) | This company operates in both the paving and related equipment market and the milling equipment market, which are part of the Infrastructure Solutions segment. |
LeeBoy | This competitor is active in the paving and related equipment market, which is characterized by strong competition in price, service, and product performance. |
This company competes in the paving and related equipment market, which is part of the Infrastructure Solutions segment. | |
Weiler Inc. | This competitor operates in the paving and related equipment market, which is characterized by strong competition in price, service, and product performance. |
CMI Roadbuilding | This company competes in the milling equipment market, which is part of the Infrastructure Solutions segment. |
This competitor is active in the milling equipment market, which is characterized by strong competition in price, service, and product performance. | |
Bandit Industries, Inc. | This company operates in the forestry and recycling equipment market, which is part of the Infrastructure Solutions segment. |
Diamond Z | This competitor is active in the forestry and recycling equipment market, which is characterized by strong competition in price, service, and product performance. |
Doppstadt | This company competes in the forestry and recycling equipment market, which is part of the Infrastructure Solutions segment. |
EDGE Innovate | This competitor operates in the forestry and recycling equipment market, which is characterized by strong competition in price, service, and product performance. |
Tigercat | This company is active in the forestry and recycling equipment market, which is part of the Infrastructure Solutions segment. |
This competitor operates in the forestry and recycling equipment market, which is characterized by strong competition in price, service, and product performance. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
TerraSource Holdings, LLC | 2025 | Completed on July 1, 2025, the acquisition had a purchase price of $245 million in cash (net $230 million after adjusting for $15 million in tax benefits) and was financed through a term loan facility with credit facilities up to $600 million; the deal is strategically aimed at enhanced EPS, improved margins via a 60% aftermarket parts revenue base, annual cost synergies of approximately $10 million, and expanded global presence, though integration challenges were noted. |
MINDS Automation Group, Inc. | 2022 | Finalized in April 2022 following a Share Purchase Agreement on March 22, 2022, the acquisition was valued at $19.3 million in cash, with the price allocated equally between $9.3 million in goodwill (reflecting future growth and cross-selling opportunities) and $9.3 million in intangible assets such as customer relationships and technology; strategically, it expands Astec’s automation and digital platform capabilities to complement its existing portfolio, particularly following the Rothwell acquisition. |
Recent press releases and 8-K filings for ASTE.
- ASTEC Industries, Inc. completed the acquisition of TerraSource Holdings, LLC on July 1, 2025.
- The $245 million cash purchase (net $230 million after anticipated tax benefits) was financed by new Credit Facilities totaling up to $600 million.
- Astec expects the acquisition to be accretive from day one, increasing gross profit margins, adjusted EBITDA margins, and earnings per share, with $10 million in annual run rate synergies anticipated by the end of year two.
- The company projects a 2025 proforma net leverage ratio of approximately 2.0x net debt/adjusted EBITDA.