Astec bullish for year ahead

Ben Brock, CEO of 681 Astec Industries, painted a picture of strong financial performance for the firm at CONEXPO-CON/AGG 2017. He said that 2016 was a good year for the group due to the most recent highway bill and commented: “It gave our customers the confidence to place orders.”

At present the company is heavily reliant on its US business though, which accounted for 82% of its sales in 2016. Brock commented that the strength of the US currency makes it harder to compete overseas at present. But he believes that overseas orders will grow and commented, “We are maintaining our sales and support network worldwide.”

Brock added: “We see growth opportunities in 2017 and our infrastructure customers are seeing a good market.”

Brock believes the company is in a very strong position financially as it has no debt and is actively looking for further acquisitions that would complement its portfolio. One of the most recent additions to the group is 3242 Telestack, which manufactures portable conveyors that slot in well alongside the existing crushing and screening lines. However, Brock did not say from which areas the firm is looking to develop its range.

The firm is also continuing to invest in research and development for its 19 subsidiaries and is introducing an array of new products from all of its different operations.