2022
ANNUAL REPORT
ASPHALT • CONCRETE • CRUSHING• INDUSTRIAL HEATING SYSTEMS • MATERIAL HANDLING • ROAD CONSTRUCTION
FORESTRY & ENVIRONMENTAL RECYCLING • MOBILE CRUSHING & SCREENING • ROCK BREAKER TECHNOLOGY
SCREENS & FEEDERS • WASHING & CLASSIFYING
About the Company
Astec is a leading manufacturer of equipment for asphalt road building, aggregate
processing, concrete production and environmental recycling. Products include rock
crushing and screening plants, hot mix asphalt facilities, concrete plants, milling
machines, asphalt pavers, material transfer vehicles and horizontal grinding equipment.
Rock to Road®
Value Chain
Astec offers a full line of high-quality products to
facilitate construction from Rock to Road.
This allows customers to choose the equipment and
parts they need from one trusted source.
OneASTEC makes the purchasing process easier
while providing greater value to the customer.
INFRASTRUCTURE
SOLUTIONS
MATERIALS
SOLUTIONS
Asphalt and Concrete
Plants, Industrial Heating,
Construction Machinery
Crushing & Screening
For Raw Materials
2022 ANNUAL REPORT
1
AT A GLANCE
Headquarters
Chattanooga, TN, USA
Stock Symbol
NASDAQ: ASTE
Employees
~4,300
Market-cap
$1.0 Billion*
*As of February 24, 2023
Purpose
Built to Connect
Vision
To connect people,
processes and
products while
advancing innovative
solutions from Rock to
Road as OneASTEC.
Core
Values
Safety
Integrity
Devotion
Respect
Innovation
2
ASTEC INDUSTRIES, INC.
Performance at a Glance Data
(in millions, except per share amounts)
CONSOLIDATED NET SALES
$1,274.5
$1,095.5
$1,024.4
Year Ended
December 31, 2022
Year Ended
December 31, 2021
Year Ended
December 31, 2020
SEGMENT NET SALES:
Infrastructure Solutions
Materials Solutions
Corporate and Other
TOTAL CONSOLIDATED NET SALES
SALES BY GEOGRAPHIC REGION:
United States
Canada
Australia and Oceania
Africa
Europe
Brazil
South America (Excluding Brazil)
Asia
Mexico
Central America (Excluding Mexico)
Other
TOTAL FOREIGN
TOTAL CONSOLIDATED NET SALES
$847.4
422.7
4.4
$1,274.5
$1,014.3
63.0
46.7
36.1
31.0
24.8
20.0
13.6
10.7
10.7
3.6
$260.2
$1,274.5
$743.4
352.1
-
$1,095.5
$842.1
68.1
43.4
33.9
38.9
21.5
15.2
10.8
13.5
3.9
4.2
$253.4
$1,095.5
$703.1
321.3
-
$1,024.4
$817.0
57.9
28.5
22.4
30.3
20.4
21.9
12.5
2.9
1.3
9.3
$207.4
$1,024.4
DILUTED EARNINGS PER SHARE
$ -
$0.69
$2.01
DIVIDEND PAID PER SHARE
Q1
Q2
Q3
Q4
TOTAL
$0.12
0.12
0.12
0.13
$0.49
$0.11
0.11
0.11
0.12
$0.45
$0.11
0.11
0.11
0.11
$0.44
2022 ANNUAL REPORT
3
Investing In
OUR FUTURE
JACO VAN DER MERWE CEO AND PRESIDENT
I am inspired by our Purpose – Built to Connect and take pride that our
equipment builds the infrastructure that connects family, friends and communities.
Dear Fellow Shareholders
It was a milestone year for Astec as we
commemorated our 50th anniversary in August
2022. While we took a moment to celebrate
and reflect on our rich history, we never stopped
moving forward. Guided by our OneASTEC
business model, we continued to invest in
our future with new products, technology,
capital projects and business processes.
It is an honor and a privilege to lead such a
world class organization into its next chapter.
During my last six years at Astec I have become
increasingly convinced we have the greatest
employees, customers and products. I am inspired
by our Purpose – Built to Connect and take
pride that our equipment builds the infrastructure
that connects family, friends and communities.
Our Purpose is at the core of our OneASTEC
business model. It kept us centered as we navigated
industry-wide challenges such as inflation, supply
chain issues and labor shortages. We proactively
engaged with our supply chain partners to find
solutions; invested in our systems and operations
to increase capacity; and implemented programs
to attract and retain talent. We will continue
to Simplify and Grow our business as we
Focus on performance through execution.
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ASTEC INDUSTRIES, INC.
66%
Infrastructure
Solutions
33%
Materials
Solutions
2022
NET SALES
BY SEGMENT
1%
Corporate
and Other
80%
Domestic
20%
International
2022
NET SALES
BY GEOGRAPHY
1.3
1.2
1.1
1.0
2022
2021
2020
2019
CONSOLIDATED NET SALES
(IN BILLIONS)
The Future is Now
We continued to invest in digital solutions to
enable our customers to operate more efficiently.
We are in a unique position to provide an
integrated digital platform across our Rock to
Road value chain and complementary products
as we offer game changing solutions for our
customers. In 2022, we strengthened our
commitment by acquiring MINDS Automation
Group, Inc. (MINDS). The MINDS team joined
Astec Controls and Grathwol Automation to create
the foundation for our Astec Digital organization
which has some exciting plans for this year.
Our Transformation
Considerable progress was made in our
customer-focused transformation. The investment
in systems and processes will enable us to
operate more efficiently. Implementing company-
wide Enterprise Resource Planning, Human
Capital Management and Customer Experience
systems will position us for future growth. This
transformation is a journey and work will continue
into 2023, and beyond, with a series of strategic,
phased launches of enhanced systems.
2022 ANNUAL REPORT
5
Furthering Sustainability
Sustainability is built into our business model with
a focus on our products and operations. We
are actively establishing our baselines of utility
usage and greenhouse gas emissions. Once
complete, these baselines will serve as a roadmap
to achieve targeted goals. To further evidence
our commitment to sustainability, we joined the
National Asphalt Pavement Association’s “The
Road Forward” program in 2022. This program
is an industry-wide initiative to engage, educate
and empower the U.S. asphalt community to
pursue the production of zero carbon emission
asphalt pavements by 2050. We also joined the
Department of Energy Better Plants program which
works with leading U.S. manufacturers to set and
achieve voluntary energy performance goals.
Looking Ahead
We move into 2023 excited about the opportunities
ahead. Customer demand remains strong in
the U.S. and internationally. Our Rock to Road
product portfolio, along with our complementary
forestry, environmental recycling, and industrial
heating products, create value for customers and
in turn, our shareholders. Our employees, who
are our true competitive advantage, are united by
Purpose and guided by our Core Values. I am
excited about what we will achieve together.
Best,
Jaco van der Merwe
President and CEO Astec Industries, Inc.
Providing Digital Solutions for Our Customers
Our customers are seeking new ways to improve their efficiency and competitiveness. They are asking for
digital solutions that help them with things like maintenance, inventory, fuel and operations in real time. It’s all
part of a digital transformation happening across the construction industry.
Astec is in a unique position to create value for our customers by developing
a digital platform across our Rock to Road portfolio of products. As a market
leader, our extensive equipment knowledge pairs well with technology to
create an integrated system. We can deploy technology at scale as
well as provide long-term support and training.
In 2022, we welcomed a new Chief Technology Officer & President
of Digital and Innovation to develop our vision and roadmap for
technological innovation as OneASTEC.
In January 2023, we launched the Astec Digital Suite.
The suite represents new and existing solutions
across controls, data and process intelligence,
telematics and robotics..
2022 ANNUAL REPORT
7
New Products and Features
in our Rock to Road® Value Chain
We are committed to delivering innovative, high-quality products
that deliver value for our customers.
High Frequency Portable Screening Plant
The plant is equipped with an 8-foot-wide high frequency screen, the first of its kind for the industry.
The patent-pending screen design features externally-mounted vibrators at the ends of the tappets for a
more aggressive screening action. It also allows for easier maintenance and adjustments. The screen is
equipped with hydraulic operating angle adjustment, a fines collection hopper, top- and bottom-deck
discharge chutes and an aggregate spreader.
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ASTEC INDUSTRIES, INC.
BreakerBOSS 5D Mobile Rock Breaker
The new mobile rock breaker, the BreakerBOSS
5D, is used for breaking oversized material in
underground mines, typically broken at draw points
and grizzly stations where rock must keep flowing.
The machine includes a conveniently center-
mounted operating cabin for maximum visibility,
heavy-duty, tube-in-tube stabilizers at each corner
of the machine and manual boom/carrier and
breaker lubrication systems. The BreakerBOSS5D
also features a large-coverage boom for extended
vertical and horizontal reach and a compact tram
design for easy maneuvering.
2022 ANNUAL REPORT
9
Astec Batch Tower
The versatile Astec Batch Tower builds
upon the Astec legacy of delivering
sound performance paired with
exceptional technology. This freshly
redesigned batch tower is offered in a
broad range of mixing capacity with
varying volumes of hot bin storage.
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ASTEC INDUSTRIES, INC.
2021 ANNUAL REPORT
Astec Portable
Self-Erect Storage Silo
The NTEP Certified Astec Self-Erect Storage
Silo offers overnight storage capabilities.
An optional oil-sealed gate and an
enclosed silo top equipped with a
grease seal to prevent oxygen
penetration to allow longer-term
storage. The silo and drag
share a common chassis
and are erected together
using hydraulic cylinders.
RP-Series Paver
Control System
The RP paver line has been
updated with operator controls
that provide improved functionality
and a compact, modern feel. All
highway class asphalt pavers are
now outfitted with an innovative
digital control system and easy-to-
understand touch screen interface.
These advanced updates deliver
a balance of intuitive technology
and simplified operation, providing
the durability and serviceability
Astec customers expect.
2022 ANNUAL REPORT
11
Executive Leadership Team
Jaco van der Merwe
President & CEO
Becky Weyenberg
Chief Financial Officer
Anshu Pasricha
General Counsel, Corporate Secretary
and Chief Compliance Officer
Tim Averkamp
Group President
Steve Anderson
SVP of Administration and
Investor Relations
Michael Norris
SVP, International and
Aftermarket Sales
Aletheia Silcott
Global Vice President of
Human Resources
Siddharth Verma
Chief Technology Officer and
President - Digital and Innovation
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ASTEC INDUSTRIES, INC.
Board of Directors
William D. Gehl
Chairman of Freightcar America,
Chairman of IBD Southeast Wisconsin,
Chairperson of the Board (2,3)
James B. Baker
Managing Partner of River
Associates, LLC (1)
Tracey H. Cook
VP, Fluor Corporation and President,
AMECO. Audit Committee Chair (1,2)
William G. Dorey
Former President & CEO,
Granite Construction, Inc. (1)
Mark Gliebe
Former Chairman and CEO, Regal
Beloit Corporation (1,2)
Mary L. Howell
Founder & CEO, Howell Strategy Group
Nominating & Corporate Governance
Committee Chair (2,3)
Nalin Jain
Group President, Digital Electronics
Wabtec Corporation (1,3)
Linda Knoll
Advisor, EXOR, NV (2,3)
Charles F. Potts
Chairman, Heritage
Construction Materials (3)
William Bradley
Southern
CEO, Louisiana-Pacific Corp.
Compensation Committee Chair (2)
Glen E. Tellock
Former President & CEO,
Lakeside Foods (1,2)
Jaco van der Merwe
President & CEO, Astec Industries, Inc.
(1) Audit Committee • (2) Compensation Committee • (3) Nominating & Corporate Governance Committee
Transfer Agent
Computershare
250 Royall Street, Canton, MA 02021
800.617.6437
www.computershare.com/investor
Stock Exchange
NASDAQ, National Market—ASTE
Investor Relations
Stephen C. Anderson
423.553.5934
Corporate Office
Astec Industries, Inc.
1725 Shepherd Road
Chattanooga, TN 37421
Ph 423.899.5898 Fax 423.899.4456
www.astecindustries.com
The Form 10-K, as filed with the
Securities and Exchange Commission,
may be obtained at no cost by any
shareholder upon written request to
Astec Industries, Inc.,
Attention: Investor Relations.
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ASTEC INDUSTRIES, INC.