Astec sells its first pellet plant
August 25, 2015
By
Andrew Macklin
August 25, 2015 - Astec Industries, Inc. announced it has entered into an agreement to build, deliver and install the first production line of a new turnkey wood pellet production facility.
The $30 million agreement with Highland Pellets, LLC includes the option to add additional production lines, related equipment and installation services which could bring the total order amount to $143 million. Astec expects to deliver the first production line and related equipment no later than early 2016.
Commenting on the announcement, Benjamin G. Brock, Chief Executive Officer, stated, “We are pleased to announce this $30 million order for the first production line of a planned multi-line wood pellet plant facility. Highland Pellets has been great to work with on this agreement and we look forward to a long-term relationship with them.”
Although Astec has received an order and a down payment on the first $30 million portion of the facility, the remaining $113 million worth of goods and services is optional.
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