Astec completes $245M acquisition of TerraSource; expects $10M annual synergies

ASTEC INDUSTRIES INC

Acquisition of TerraSource completed for $245M cash; net purchase price $230M after ~$15M NPV of tax benefits.
Deal expected to be EPS accretive from day one; ~60% of TerraSource revenue from aftermarket parts/service.
Annual run-rate cost synergies of ~$10M expected by end of year two.
New credit facilities of up to $600M entered; proceeds used to fund acquisition and repay prior $250M revolver.
Proforma net leverage ratio ~2.0x net debt/adjusted EBITDA for 2025.

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