Astec Industries to Acquire Asphalt Plant Maker

Astec Industries is set to acquire CWMF Corp., a Minnesota-based manufacturer of portable and stationary asphalt plant equipment and parts with approximately $50 million in annual revenue.

Read today’s top news.

CWMF’s distribution footprint is concentrated in the Midwest, the South-Central region, and the Great Lakes states, according to the company.

“The pending CWMF acquisition is consistent with our disciplined growth strategy,” Jaco van der Merwe, president/CEO of Astec, said in a statement. “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, CFO, said in a statement that the company expects to close the transaction 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 2.5 times net debt to adjusted EBITDA,” he said.