Astec Industries has acquired RexCon LLC, a manufacturer of concrete batch plants, for $26 million, which was funded through cash on hand.
“We are very pleased to welcome RexCon to the Astec Industries family of companies," said Benjamin Brock, CEO, in a press release. "The acquisition of RexCon reflects our stated strategy to drive focused growth, both organically and through acquisitions of strong companies, that serve the infrastructure, aggregate and mining, and energy industries.
“RexCon is a successful, profitable company with a reputation for innovative technology and dependable quality products. We are a match culturally and in our approach to business. We thank the owners, Jake Jacobs and Mike Redmond, for their collaborative efforts in finalizing this transaction, and we are pleased that they will continue to run and work to grow RexCon, as a part of Astec Industries, joining our Energy Group.”