Astec Agrees To Acquire Minds Automation For Undisclosed Sum

Astec Industries, Inc. ASTE has agreed to acquire Minds Automation Group Inc., a developer of plant automation control systems and cloud-based data management in the asphalt industry. Deal terms were not disclosed.
British Columbia, Canada-based Minds Automation has locations in the U.S., U.K., France, and Belgium.
Minds Automation CEO Pierre Vidaillac and the leadership team will stay with Astec and support automation and controls technology advancement.
Astec held cash and equivalents of $134.4 million as of December 31, 2021.
Price Action: ASTE shares trading lower by 2.76% at $43.68 on the last check Wednesday.