2020 definitely has been a challenging year, but it hasn't stopped Astec Industries from continuing to grow and serve our customers. Speaking to Alpha Street, Astec Industries CEO Barry Ruffalo expressed his confidence in continuing to grow the business and finding ways to serve customers.
First, Ruffalo addressed the streamlining of the divisions and how it will help bring even more value to our customer-base who complete both asphalt and concrete work.
"We went from 16 independent companies to two groups – infrastructure solutions and material solutions,' he said. "We are using the group structure to leverage our ability to sell across our customer base. We now know through survey and data analysis that 60-70% of our asphalt plant customers are also our concrete plant customers."
Speaking on the impact of the presidential elections on the firm’s outlook, Ruffalo voiced confidence, stating that both the Republicans and the Democrats see infrastructure as a top priority. This could strengthen Astec’s growth drivers into 2021 and beyond, he said.
“Our customers had a record year in 2019," Ruffalo told Alpha Street. "Many of them expect to have a stronger year in 2020, even with COVID. And now that we have a 12-month extension on the FAST (Fixing America’s Surface Transportation) Act, this gives our customers more confidence to know that their backlog, which typically takes them into 2021, will have some support from that extension. And so we expect the market drivers will continue to be very strong from that.”