Exhibit
99.1
Astec
Industries, Inc.
News
Release
1725
Shepherd Road | Chattanooga,
TN 37421 | Phone (423)
899-5898 | Fax 899-4456
ASTEC
INDUSTRIES, INC. TO ACQUIRE DILLMAN EQUIPMENT, INC.
CHATTANOOGA, Tennessee,
(August 5, 2008). Astec Industries, Inc. (NASDAQ: ASTE) today
announced that it has entered into a definitive agreement to acquire Dillman
Equipment, Inc. (“Dillman”), a manufacturer of asphalt plant equipment,
headquartered in Prairie du Chien, Wisconsin.
Incorporated in 1994, Dillman is a
leading manufacturer of asphalt plant equipment. The company supplies
the asphalt industry with asphalt plant equipment that includes asphalt storage
silos, DuoDrum™ counterflow drum plants, cold feed systems, recycle systems,
baghouses, dust silos, air pollution control systems, portable asphalt plants,
drag slats, transfer conveyors, plant controls, control houses, silos, asphalt
storage tanks, parts, and field services. The company will continue
its manufacturing operations in Prairie du Chien, Wisconsin as a
division of Astec, Inc. The transaction is expected to close during
the fourth calendar quarter.
Dr. J. Don Brock, Chairman and Chief
Executive Officer, said, “We are pleased to announce the acquisition of Dillman
Equipment, Inc. Astec management has known the Dillman family for
many years as respected manufacturers. The expansion of Astec’s
manufacturing capacity, the addition of a proven product line, and a location
well-positioned to service both Dillman and Astec customers are among the
principal benefits of the acquisition. The manufacturing capacity
will be beneficial to Astec’s increasing international sales. Dillman
has a culture similar to Astec and we are pleased to be able to expand our
operations into other areas of the country via this transaction. Brian Dillman
will continue employment with the Dillman Division team.”
To find out more about Dillman go to
www.dillmanequipment.com.
Astec Industries, Inc. is a
manufacturer of specialized equipment for building and restoring the world’s
infrastructure. Astec’s manufacturing operations are divided into
four business segments: aggregate processing and mining equipment;
asphalt production equipment; mobile asphalt paving equipment; and underground
boring, directional drilling and trenching equipment. Astec also has
a company engaged in the wood chipping and grinding industry.
The information contained in this press
release contains "forward-looking statements" (within the meaning of the Private
Securities Litigation Reform Act of 1995) regarding the future performance of
the Company, including statements about future performance of Dillman and
improvements to existing Dillman business operations. These forward-looking
statements reflect management’s expectations and are based upon currently
available information, and the Company undertakes no obligation to update or
revise such statements. These statements are not guarantees of
performance and are inherently subject to risks and uncertainties, many of which
cannot be predicted or anticipated. Future events and actual results,
financial or otherwise, could differ materially from those expressed in or
implied by the forward-looking statements.
For
Additional Information Contact:
J. Don
Brock
Chairman
of the Board & C.E.O.
Phone:
(423) 867-4210
Fax:
(423) 867-4127
E-mail:
dbrock@astecindustries.com
or
F. McKamy
Hall
Vice
President and Chief Financial Officer
Phone: (423)
899-5898
Fax: (423)
899-4456
E-mail:
mhall@astecindustries.com
or
Stephen
C. Anderson
Director
of Investor Relations
Phone: (423)
899-5898
Fax: (423)
899-4456
E-mail: sanderson@astecindustries.com