Issue link: http://read.dmtmag.com/i/276196
I applied over the last 41 years in building a company from zero to nearly $1 billion in volume are not neces- sarily the skills needed in the future. We look forward to these enthusiastic individuals taking our Company to the next level and we will support their every effort. Regarding the topic of support, I want to take this opportunity to thank all of our Shareholders for the support over the twenty-seven years that our Company has been public. I will continue to be an active part of our Board of Directors while also being helpful in the engineering, innovation, and sales side of the business. Sincerely, J. Don Brock Chairman of the Board Astec Industries, Inc. Our goal is to grow the Company strategically through existing divisions along with acquisitions in the industries that we currently serve—infrastructure, energy, and mining. We remain vigilant in our efforts to create new products to fill customer needs and help them to be successful in what they do. Fellow Shareholders It is an honor to be writing you this letter as the new President and CEO of our Company. Astec Industries, Inc. (Astec) has been blessed for the past 40 years to have had a single President and CEO, Dr. J. Don Brock, who is also the Founder and Chairman of the Board. Astec has also been blessed to have successfully grown to nearly $1 billion in annual revenues under his guidance. And while I am also blessed to have the ultimate good fortune of calling that same person my father, I am also thankful for our strong group of outside directors that executed an extensive succession planning process over the last several years. Astec is fortunate to have a strong board of directors, a strong management team, and strong associates throughout the 17 diversified divisions that make up our Company. So, where do we go from here? Our goal is to grow the Company strategically through existing divisions (mar- ket share gains and new product development) along with acquisitions in the industries that we currently serve—infrastructure, energy, and mining. Our companies are well positioned in the North American market, yet several still have opportunities to grow. We also have opportunities across the board to grow outside of North America. We will work on this in all of our groups to meet our goal of a 50% domestic, 50% inter- national revenue split within 3–5 years. In addition, we remain vigilant in our efforts to create new products to fill customer needs and help them to be successful in what they do. As an example, we will be displaying 41 new products at the Con Expo show in March this year. We did not complete any acquisitions in 2013. We will work to do so in 2014. Acquisitions are not ego-driven, so we will acquire only if there is a strategic fit with our business and cultural fit with our core values. Thank you for taking the time to read this letter and thank you for your support as we move ahead to grow our Company. Astec's best is yet to come! Sincerely, Ben Brock President and Chief Executive Officer Astec Industries, Inc. 04 | Astec Industries, Inc.