CHATTANOOGA, Tennessee - Astec Industries, Inc., a specialized equipment manufacturer, has announced the signing of a definitive agreement to acquire CWMF Corporation., a U.S.-based manufacturer of portable and stationary asphalt plant equipment and parts. With annual revenue of approximately $50 million, CWMF brings a complementary product range that will enhance Astec’s existing infrastructure solutions portfolio.
CWMF has built a strong reputation for serving asphalt plant customers across the Midwest, South-Central and Great Lakes regions. The company offers components and systems that support asphalt production efficiency, durability and environmental compliance — key factors driving demand in the road construction and infrastructure market.
Mr. Jaco van der Merwe, President and CEO of Astec, said “The transaction reinforces the company’s focus on strategic, disciplined growth. The combination of engineering expertise and proven product performance from both companies is expected to improve manufacturing agility, expand customer reach and accelerate innovation.”
Astec Chief Financial Officer Brian Harris highlighted the financial benefits, stating that the deal is expected to be immediately accretive to earnings upon closing. Despite the added investment, the company expects its net leverage ratio to remain within the target range of 1.5x to 2.5x, reflecting a continued focus on maintaining a strong balance sheet and disciplined capital deployment.
The acquisition is on track to be finalized in the first quarter of 2026, subject to customary closing conditions, including regulatory approvals.
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