Astec Industries announced June 1 it will sell the assets of Superior Industries, which manufactures stationary and portable conveyor systems and components, to the management and employees of Superior and a group of Minnesota investors. Prior to being acquired by Astec in November 1999, Superior was owned by an employee stock ownership plan. The planned sale is the result of an unsolicited proposal Superior management and employees presented to Astec. The purchase price for Superior assets and liabilities is approximately $24.3 million, and is subject to adjustment based on Superior’s performance in the second quarter. Closing is slated for June 30.
Astec Industries to sell conveyor systems business
Jun 13, 2004