First publishedon www.WorldHighways.com
has acquired the assets and liabilities of RexCon, leading full-line concrete batch plant manufacturers in the US. The aggregate purchase price for the assets is $26 million, which was funded through cash on hand.
“We are very pleased to welcome RexCon to the Astec Industries family of companies. The acquisition of RexCon 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,” commented Benjamin G Brock, CEO of Astec Industries.
Brock concluded, “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. We thank the owners, Jake Jacobs and Mike Redmond, for their collaborative efforts in finalising this transaction, and we are pleased that they will continue to run and work to grow RexCon, as a part of Astec Industries, joining our Energy Group.”