Sources: Astec Industries Inc., Chattanooga, Tenn.; CP staff
Astec has acquired the assets of concrete batch plant manufacturer RexCon LLC, Burlington, Wis., in a $26 million cash transaction. A key player in central mixed equipment, RexCon becomes a sister operation of Albuquerque, N.M.-based CEI Enterprises, which has built a transit mixed equipment line under the Fusion banner.
“The acquisition reflects our stated strategy to drive focused growth, both organically and through acquisitions of strong companies, that serve the infrastructure, aggregate and mining, and energy industries,” says Astec Industries CEO Benjamin Brock. “RexCon is a successful, profitable company with a reputation for innovative technology and dependable quality products. We are a match culturally and in our approach to business.”
Former principals Jake Jacobs and Mike Redmond, he adds, will continue to run and develop RexCon, which joins the Astec Industries Energy Group, alongside CEI Enterprises and water heater equipment specialist Heatec.