Astec Industries Inc. has finalized the purchase of the GEFCO and STECO divisions of Blue Tee Corp.
purchase price is approximately $30.8 million, subject to customary
post-closing adjustments to be finalized by Dec. 1, 2011.
(formerly known as George E. Failing Co.) is a leading manufacturer of portable
drilling rigs and related equipment for the water well, environmental, ground water
monitoring, construction, mining and shallow oil and gas exploration and
production industries. Established in 1931, GEFCO manufactures Failing,
SpeedStar and King Oil Tools drilling rigs and equipment.
Industries Inc. has formed a new subsidiary, GEFCO Inc., to operate the
acquired businesses, and will continue to manufacture the George E. Failing,
SpeedStar, King Oil Tools and STECO equipment from the current Enid, Okla.,
on the announcement, Dr. J. Don Brock, chairman and chief executive officer,
states, "We are pleased to announce that we completed the purchase of
GEFCO and STECO. We are excited about the synergies with American Augers and
other Astec Industries product lines. This purchase completes an additional
expansion into the energy business for our company. We look forward to growing
the existing GEFCO and STECO businesses, and developing new and improved Astec
Industries products for the energy industry."
Harmon, president of GEFCO, says, "This is an exciting event for GEFCO and
STECO. Our customers and the employees of GEFCO and STECO will benefit from
this acquisition as we grow and expand our product line."
Astec Industries Acquires GEFCO
October 11, 2011