To celebrate Astec Industries’ 50 years of designing and manufacturing heavy equipment used to build the infrastructure that connects the world, President and CEO Barry Ruffalo rang the Nasdaq Stock Market opening bell for the August 9 trading session, noting “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.”
From humble beginnings, he added, Chattanooga, Tenn.-based Astec has become a global, billion-dollar manufacturer of concrete plant equipment, including the BMH, Con-E-Co and Rexcon brands, plus related offerings for aggregate processing and asphalt road building. With a payroll of 4,000-plus, the company has sales and manufacturing operations around the world.
To honor the legacy of its founder, Astec is committing $1 million to the Dr. J. Don Brock Astec Industries, Inc. Memorial Scholarship Endowment established at the University of Tennessee Foundation, Inc. Named for the company founder, the endowment provides scholarships to children and grandchildren of current company employees, encouraging science, technology, engineering and math studies.
“Dr. Brock had more than 100 patents to his name. He had a passion for learning, but also a reputation for being a great teacher,” explained Ruffalo. “I can’t think of a better way to honor his legacy than encouraging the next generation of innovators at Astec.”
Chief Executive Officer Barry Ruffalo (center) and colleagues mark a milestone for one of the most construction materials equipment-entrenched companies trading on Wall Street.