Astec acquires Telestack
By Chris Sleight08 April 2014
Astec Inc has acquired Telestack, an Omagh, UK-based manufacturer of material handling systems for the port, aggregate and mining industries. The value of the deal is US$ 36 million.
Astec said it expected to see synergies between Telestack and its own aggregates product lines, with benefits to both companies.
Commenting on the acquisition, Astec CEO Benjamin G. Brock said, "We are excited to welcome Telestack to the Astec Industries family of companies. 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. With this acquisition, we have further demonstrated our commitment to growth in not only these industries but in international markets as well. Telestack will help us provide a broader product line to all of the industries mentioned in addition to material handling at ports around the globe. From 1999 to today, Telestack has sold equipment into six continents."