The Company also received the remainder of the contracted payment on the first $30 million order. The Company previously announced receipt of the initial $30 million order on August 20, 2015. The Company plans to build and deliver the equipment in the additional order during 2016 and will discuss the details of the entire order on its first quarter earnings release conference call.
Benjamin G. Brock, CEO, stated, “We are pleased to be able to announce that we have been asked to build an additional $122.5 million of equipment to round out the initial $30 million order for the first production line of this multi-line wood pellet plant facility. Working with great customers like Highland Pellets, we are able to build and deliver world-class equipment for the wood pellet industry.”
Astec Industries, Inc. is a manufacturer of specialized equipment for asphalt road building; aggregate processing; oil, gas and water well drilling; and wood processing.
