CHATTANOOGA, Tenn. — Astec Industries, a maker of equipment and mixing plants related to asphalt paving, said last month it would exit its equipment financing business Astec Financial Services.
Astec also said the sale of its Trencor facility will not close in the fourth quarter as planned because the buyer was unable to complete financing arrangements in time.
The company is negotiating to sell its current portfolio of commercial paper to outside parties. It plans to use the money as working capital and to reduce debt, it said.
Astec says it is also in talks with third parties to provide ongoing financial services to customers of its manufacturing subsidiaries.
