CWMF Corporation

What CWMF Corporation does

CWMF Corporation is a U.S.-based manufacturer of custom-built portable and stationary asphalt plant equipment, headquartered in Waite Park, Minnesota. Founded in 1968 as Custom Welding and Metal Fabricating and pivoting into asphalt equipment after building its first Dust-Eater Baghouse in 1988, the company designs, fabricates, and services a full portfolio of hot mix asphalt plant components — including reverse-flow baghouses, drum mixers, RAP crushers, scalping screens, storage silos, AC tanks, feed bins, belt conveyors, and complete plant systems — using in-house heavy fabrication capabilities supported by 3D modeling in Autodesk Inventor. In 2022 it acquired Eagle Electric to bring industrial automation and control systems in-house, and it has launched major new products in successive years (Honey Badger RAP Crusher in 2021, RAP Boss portable systems in 2023, Dust Pilot Reverse-Flow Baghouse in 2025).

CWMF sells primarily to asphalt producers and paving contractors through a direct sales model led by its owners, sales manager, and regional representatives, supported by active participation in industry events such as World of Asphalt and the NAPA Annual Meeting. Equipment is built-to-order with pricing varying by specifications and customization level, supplemented by replacement parts (including legacy equipment support) and ongoing service and field support. The company reports a 96% repeat customer rate and grew at double-digit rates over the three years prior to its January 2026 acquisition by Astec Industries for $67.5 million in cash, at which point it had approximately $50 million in annual revenue and was integrated into Astec's Infrastructure Solutions segment.

Name

CWMF Corporation

Legal name

CWMF Corporation

Website

https://cwmfcorp.com

Company type

Private

Founded year

1988

Operating status

Acquired

Headcount range

101–250 employees

Short description

CWMF Corporation is a U.S. manufacturer of custom-built portable and stationary asphalt plant equipment — including baghouses, drum mixers, RAP crushers, scalping screens, and silos — serving asphalt producers and paving contractors across North America through direct sales, with a 96% repeat customer rate and approximately $50 million in annual revenue at the time of its January 2026 acquisition by Astec Industries.

Ownership category

akta.pro rank

Product category

Asphalt Plant Equipment Manufacturing

NAICS

Asphalt Paving, Roofing, and Saturated Materials Manufacturing (32412)

SIC

Construction Machinery & Equip (3531)

akta.pro primary industry

Asphalt Mixing & Paving Materials (Hot/Warm/Cold Mix, RAP/RAS Blends) (EUALAKAG)

akta.pro secondary industry

Concrete & Asphalt Recycling (RCA/RAP) (BPALAJAD)

Keywords

• Asphalt plant equipment
• Baghouse filtration systems
• RAP crushers
• Drum mixers
• Scalping screens

Headquarters

HQ city

Waite Park

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Asphalt Plant Equipment Sales: CWMF designs and manufactures custom portable and stationary asphalt plant equipment including baghouses, drum mixers, silos, conveyors, RAP crushers, and scalping screens. Equipment is built-to-order based on customer specifications. Approximately $50 million in annual revenue prior to acquisition.
2. Replacement Parts Sales: Comprehensive parts inventory for asphalt plant equipment including support for older and legacy CWMF equipment. Vast inventory kept in stock with quick shipping to minimize customer downtime. Parts department available by phone or email.
3. Service and Field Support: Installation, field support, and ongoing service for asphalt plant equipment. Company provides personal touch with direct access to owners for service and solutions. Custom engineering and design support during and after purchase.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

CWMF Corporation designs, manufactures, and services fully customized, built-to-order portable and stationary asphalt plant equipment for asphalt producers and paving contractors. Core offerings include complete hot mix asphalt plants and individual components such as Dust Pilot reverse-flow baghouses, Honey Badger RAP crushers, RAP Boss portable crushing systems, Tremor Shaker scalping screens, drum mixers, storage silos, AC tanks, feed bins, belt conveyors, and dust control systems, complemented by replacement parts, custom engineering, installation, and field service.

Product overview

CWMF Corporation offers a comprehensive portfolio of portable and stationary asphalt plant equipment as a U.S.-based manufacturer. The core product line centers on complete hot mix asphalt plants and individual components including Dust-Eater reverse-flow baghouses, Honey Badger RAP crushers, RAP Boss portable crushing systems, Tremor Shaker scalping screens, drum mixers (Revolution D), storage silos, AC tanks, feed bin systems, belt conveyors, and dust control systems. The company provides custom engineering, design, installation, and field service support, with industrial automation capabilities added through the 2022 Eagle Electric acquisition. All equipment is built-to-order and customized to customer specifications.

Differentiator

Problem solved

Functional benefit

Products and services

• Hot Mix Asphalt Plants Complete portable and stationary asphalt plant systems designed for high-quality hot mix asphalt production, built to order with customization options for asphalt producers and paving contractors.
• Dust-Eater Reverse-Flow Baghouse Reverse-flow baghouse filtration system with indexing wheel mechanism for consistent cleaning across filter cells, integrated inertial separator for pre-filtration, and externally insulated construction for reduced energy consumption; used by asphalt producers for emissions control.
• Honey Badger RAP Crusher Hammer mill asphalt crusher for reclaimed asphalt pavement (RAP) processing with replaceable abrasion-resistant steel wear liners, two-way valve hydraulic power pack with controlled close feature, and cast carbide tungsten impregnated hammers; typical 6-month ROI for 300,000 ton/season plant.
• RAP Boss Portable Crushed Asphalt Systems Portable crushing systems incorporating Honey Badger crusher and Tremor Shaker scalping screen to minimize material handling, reduce RAP crushing costs, and reduce product moisture; available in full and Jr. configurations on tandem-axle portable chassis.
• Tremor Shaker Scalping Screen Scalping screen shaker with eccentric flywheel drive system, C-style shaker springs, and pivoting motor base; available in sizes from 3'x6' single deck to 5'x12' double-deck for removing oversized material before it reaches the drum mixer.
• Drum Mixers (Revolution D and retrofits) Counter-flow and parallel-flow drum mixers for heating and drying raw and recycled materials in asphalt production; Revolution D available as new installations or retrofits with VFD (Variable Frequency Drive) motor control for enhanced thermal efficiency, reduced fuel consumption, and improved mix quality.
• Storage Silo Systems Storage silo systems including the patented bolt-on Silo System Batcher designed to increase safety and decrease costly downtime in asphalt plant operations.
• AC Tanks & Vertical Storage Tanks Asphalt cement tanks and accessories for storing and handling liquid asphalt cement in asphalt plant operations.
• Feed Bin Systems Cold feed and recycle bin systems for metering and feeding aggregate materials into the asphalt production process.
• Belt Conveyor Systems Conveyor belt systems for transporting materials throughout the asphalt plant.
• Dust Control Systems Dust control solutions including baghouses and ancillary equipment for maintaining air quality and environmental compliance in asphalt plants.
• Asphalt Plant Parts Replacement parts inventory for all CWMF asphalt plant equipment, including legacy equipment support; vast inventory kept in stock with quick shipping to minimize customer downtime, ordered by phone or email.
• Service & Solutions Custom engineering and design support, installation, field service, and ongoing support for asphalt plant operations, with personal touch and direct access to CWMF owners.
• Industrial Automation In-house industrial automation and control systems for asphalt and aggregate plants acquired through the Eagle Electric acquisition; provides engineering, manufacturing, retrofits, installation, start-up, and training services.

Quantifiable outcome

• 96% of equipment buyers become repeat customers
• +4 more outcomes

Named customers5 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• Eagle ElectriccoreOEM/ Whitelabel/ Licensing Partner · 1 January 2022CWMF acquired their long-time supplier Eagle Electric, a St. Cloud, Minnesota company with 30+ years of experience in industrial controls, automation, and electronics. The acquisition added in-house industrial automation capabilities for asphalt plant equipment design and production, including engineering, manufacturing, retrofits, installation, start-up, and training services.

Scale indicators6 records

Recent moves13 records

Expansion highlights4 records

Broad incumbents

• Astec Industries: Publicly traded (NASDAQ: ASTE) parent of CWMF and broader manufacturer of road-building equipment including asphalt plants, pavers, and material processing equipment. Direct overlap in asphalt plant equipment but with a much wider product portfolio and global distribution.
• Terex Corporation: Diversified construction equipment manufacturer with road-building product lines including pavers and material processing equipment. Competes more broadly than CWMF but overlaps in asphalt production and paving support equipment.
• Wirtgen Group (John Deere): German-based road construction equipment specialist (now part of John Deere) producing cold milling machines, recyclers, pavers, and compactors. Competes at the broader road-building equipment level rather than standalone asphalt plants.
• BOMAG: Specialist in compaction and road construction equipment including asphalt rollers and pavers. Larger incumbent in adjacent categories (compaction, paving) that share the same paving contractor customers as CWMF.
• Caterpillar: Global heavy equipment leader with road-building product lines and a large dealer network. While not focused on asphalt plants specifically, Caterpillar's scale and dealer relationships create competitive pressure across CWMF's adjacent product categories.

Direct peers

• Asphalt Drum Mixers (ADM): Manufacturer of portable and stationary asphalt drum mixers and complete asphalt plants based in Huntertown, Indiana. Most direct competitor to CWMF in the US asphalt plant equipment market with overlapping customer base of paving contractors.
• Gencor Industries: Designer and manufacturer of asphalt plants, drum mixers, and related environmental equipment based in Orlando, Florida. Directly comparable as a specialist asphalt plant equipment maker serving similar contractor customers.
• Stansteel Asphalt Plant Equipment: Supplier of new and used asphalt plant equipment and components, closely related to CWMF's product portfolio of baghouses, dryers, and plant components.
• Dillman Equipment (by CEI): Manufacturer of portable and stationary asphalt plants, counter-flow drum mixers, and material handling equipment. Direct competitor in the same mid-market contractor segment served by CWMF.
• HEATEC: Astec-owned brand manufacturing heating equipment, thermal fluid heaters, and asphalt-related heat transfer systems. Sister company to CWMF within Astec with overlapping customer base in asphalt production.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/cwmfcorp

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CWMF Corporation