Astec Industries has announced the acquisition of BMH Systems, Inc. (“BMH”), a concrete batch plant manufacturers serving customers around the world. BMH had combined annualized sales in 2019 of approximately $50 million. The acquisition was funded with cash on hand and will be immediately accretive to EPS. Terms of the transactions were not disclosed.
The acquisition expands on the purchase of Con-e-Co, another concrete batch plant company.
“We are very pleased to welcome Con-e-Co and BMH Systems to Astec,” commented Barry A. Ruffalo, Chief Executive Officer of Astec. “The addition of these highly regarded brands, along with our existing RexCon brand of concrete products will significantly strengthen our ability to serve our customers’ needs - Rock to Road.
"By bringing these product lines together, our global customers will have access to the most robust line of concrete products in the infrastructure industry. Both organizations are an excellent cultural fit with Astec, as they are customer focused, innovative and performance-oriented. These acquisitions also reflect our disciplined capital allocation process, and we maintain significant financial flexibility as we continue to effectively manage our operations in this unprecedented environment.”
These purchases build on well-respected Astec brands in the concrete market to create a more comprehensive concrete plant offering, with asphalt plant cross-selling opportunities