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ASTEC INDUSTRIES SIGNS LETTER OF INTENT TO FORM JOINT VENTURE COMPANY

 CHATTANOOGA, Tenn., Dec. 30 /PRNewswire/ -- Astec Industries, Inc. (NASDAQ-NMS: ASTE) today announced it had signed a letter of intent with Wibau Maschinen GmbH & Co. KG in Grundau-Rothenbergen Germany, a subsidiary of Putzmeister-Werk Machinenfabrik GmbH & Co. KG, Aichtal for the two companies to form a new joint venture company.
 The new company, which will be named Wibau-Astec Machinenfabrik GmbH, will be responsible for manufacturing, marketing, distributing and servicing asphalt mixing plants and related products for the European hot mix asphalt industry. Wibau-Astec will continue to offer the former Wibau line of modern batch mixing plants and the complete Astec line of continuous mix plants, long term storage silo systems, heat transfer equipment and soil remediation equipment. Astec will license its current hot mix technology to the new company.
 The joint venture will replace the former Barber-Greene Europa B.V. which discontinued operations last month in the Netherlands and represents a bigger commitment by Astec to service the European markets with its most current products.
 Dr. J. Don Brock, chairman and chief executive of Astec Industries, Inc., said: "We feel a deep commitment to our many customers in Europe and we believe the joint venture will enable the company to improve the products and services available to all of Europe. We are hopeful that the new joint venture company can be quickly operational as soon as definitive agreements are completed." On an interim basis, Astec has appointed Wibau Maschinen GmbH & Co. KG as its exclusive agent in Germany, Austria and Switzerland.
 Astec Industries, Inc., a manufacturer of asphalt mixing plants, paving equipment, heat transfer equipment, aggregate crushing equipment, excavating and trenching equipment, asphalt recycling equipment and soil remediation equipment is traded over-the-counter and is reported on the NASDAQ National Market System under the symbol ASTE.
 -0- 12/30/92
 /CONTACT: Albert E. Guth, sr. vice president of Astec Industries, Inc., 615-867-4210/
 (ASTE)


CO: Astec Industries, Inc., Wibau Maschinen GmbH & Co. KG ST: Tennessee IN: SU: JVN

RA-BN -- AT001 -- 0541 12/30/92 09:41 EST
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Publication:PR Newswire
Date:Dec 30, 1992
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