Astec Industries Inc. announced the signing of a definitive agreement to acquire CWMF Corp. CWMF is a manufacturer of portable and stationary asphalt plant equipment and parts with annual revenues of approximately $50 million. The distribution of CWMF products is primarily concentrated in the Midwest, South-Central and Great Lakes regions of the United States.

Jaco van der Merwe, Astec President and Chief Executive Officer said, “The pending CWMF acquisition is consistent with our disciplined growth strategy. Based on the extensive product and manufacturing knowledge of our combined teams, we anticipate integration to be efficient. Our organizations are a strong cultural fit, and we look forward to having the CWMF employees join the Astec team.”

Brian Harris, Chief Financial Officer added, “We anticipate closing on the CWMF acquisition in the first quarter of 2026. We expect the transaction to be accretive from day one and project our consolidated net leverage ratio to remain within our previously disclosed range of 1.5 to 2.5x net debt/adjusted EBITDA.”

Astec is a manufacturer of specialized equipment for asphalt road building, aggregate processing and concrete production. Astec's manufacturing operations are divided into two primary business segments: Infrastructure Solutions that designs, engineers, manufactures and markets a complete line of asphalt plants, concrete plants and their related components and ancillary equipment, including industrial automation controls and telematics platforms, as well as supply asphalt road construction equipment, industrial thermal systems, land clearing, recycling and other heavy equipment, along with aftermarket parts and Materials Solutions that designs and manufactures heavy and soft rock processing equipment, in addition to servicing and supplying parts for the aggregate, civil construction, energy, mining, hydro-electric, recycling, ports and bulk material handling markets.