Content area
Full text
Astec has powered up all its engines.
Focusing on key markets within the power-supply industry, Astec has restructured its marketing and sales organization into four groups, and appointed several key executives.
The moves follow some significant changes that have occurred within Astec. Last month, the company became a wholly owned subsidiary of Emerson Electric Co. And in September, Astec acquired Nortel's Advanced Power Systems (APS) unit for $325 million in cash, propelling itself to become one of the world's leading power-supply manufacturers.
"The company has gotten so large that we needed to re-establish focus on each power-supply market segment," said Astec chief executive Howard Lance.
With annual revenue of $816 million, Astec now ranks second in power-supply sales both worldwide and in North America, behind Lucent Technologies, according to Santa Rosa, Calif.-based Micro-Tech Consultants.
Astec plans to make additional acquisitions in the future, now that it has the financing from its parent to back it up.
"If another acquisition opportunity came along after we...