Astec (ASTE) & CarbonCure Tie Up to Lower Carbon Emissions
Astec's (ASTEC) latest deal will enable it to support the deployment of CarbonCure's technology while being focused on reducing CO2 emissions in the construction environment.
Astec Industries, Inc. ASTE has entered into a partnership with CarbonCure Technologies, in a bid to strengthen its sustainability under the company’s OneASTEC business model. The alliance will enable Astec to support the deployment of CarbonCure’s technology with a mutual goal of reducing Carbon Dioxide emissions in the construction environment.
Customers are shifting to low-carbon concrete due to the government rules and incentives, requirements for green building certifications and corporate sustainability initiatives. CarbonCure products aid concrete producers to lower the carbon footprint without disrupting its quality and strength. Astec’s brands like RexCon, CON-E-CO and BMH Systems are collaborating with CarbonCure’s exclusive channel partner in the United States and Canada to meet customers’ increasing demand for sustainable building solutions.
Given that the building and construction sector accounts for 40% of the global carbon emissions, reduction of Carbon Dioxide emissions in the construction locations will help control global warming. Concrete has a large carbon footprint due to cement production.
CarbonCure's technology perfectly fits within Astec’s new and existing ready-mix concrete plants. Its equipment reduces the embodied carbon by inserting CO2 during the batching process. In addition to that, the Carbon Dioxide creates a chemical reaction, which makes a strong, high-performing concrete while utilizing less cement.
CarbonCure targets to lower embodied carbon in the construction environment by 500 million tons annually by 2030. So far, CarbonCure’s concrete technology has been installed in more than 400 concrete plants across the globe.
The construction and mining companies across the world are taking steps to reduce the carbon and greenhouse gas emissions from their operations, in order to protect the environment and meet customers’ sustainability goals. These moves support the global efforts to mitigate the impact of climate change.
Share Price Performance
Astec’s shares have lost 4.5% so far this year, as against the industry’s growth of 9%.
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Zacks Rank and Stocks to Consider
Astec currently carries a Zacks Rank #5 (Strong Sell).
Better-ranked stocks in the Industrial Products sector include Alcoa Corporation AA, The Manitowoc Company, Inc. MTW and Deere & Company DE. While Alcoa and Manitowoc sport a Zacks Rank #1 (Strong Buy), Deere carries a Zacks Rank of 2 (Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Alcoa has an estimated earnings growth rate of 573.2% for 2021. The company’s shares have rallied 121.2% so far this year.
Manitowoc has an expected earnings growth rate of 340% for 2021. The stock has appreciated 69.2% year to date.
Deere has a projected earnings growth rate of 117.5% for fiscal 2021. So far this year, the company’s shares have gained 32.2%.
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