ASTEC INDUSTRIES, INC. (NASDAQ:ASTE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) On August 23, 2018, Richard A Patek notified Astec Industries, Inc. (the "Company") of his decision to retire and resign as the Company's Group President – Aggregate and Mining International. Mr. Patek's retirement will be effective September 28, 2018. In connection with his retirement and in exchange for his agreeing to certain restrictive covenants, including a one-year non-competition agreement, Mr. Patek will receive severance payments over the year following his retirement equal to his current annual salary and a temporary continuation of his health insurance benefits.
About ASTEC INDUSTRIES, INC. (NASDAQ:ASTE)
Astec Industries, Inc. designs, engineers, manufactures and markets equipment and components used primarily in road building and related construction activities. The Company’s products are used in each phase of road building, from quarrying and crushing the aggregate to application of the road surface. The Company also manufactures certain equipment and components unrelated to road construction, including equipment for the mining, quarrying, construction and demolition industries, and port and rail yard operators; gas and oil drilling rigs; water well and geothermal drilling rigs; industrial heat transfer equipment; whole-tree pulpwood chippers; horizontal grinders, and blower trucks. The Company also manufactures a line of multiple use plants for cement treated base, roller compacted concrete and ready-mix concrete. The Company’s business segments are Infrastructure Group, Aggregate and Mining Group and Energy Group.
