Astec (ASTE) to Acquire GEFCO and STECO from Blue Tee in $30.8M Deal

Astec Industries, Inc. (Nasdaq: ASTE) finalized today the previously announced purchase of the GEFCO and STECO divisions of Blue Tee Corp.

The purchase price is approximately $30.8 million, subject to customary post-closing adjustments to be finalized by December 1, 2011.

GEFCO (formerly known as George E. Failing Company) is a leading manufacturer of portable drilling rigs and related equipment for the water well, environmental, groundwater monitoring, construction, mining and shallow oil & gas exploration and production industries.

STECO is a leading manufacturer of transfer and dump trailers for the solid waste, scrap processing, construction and demolition industries. Established in the late 1950's, STECO was a pioneer in the development and production of hydraulic dump trailers.

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