Business
L.B. Foster Announces Track Components Business Divestiture
PITTSBURGH, Aug. 05, 2022 (GLOBE NEWSWIRE) -- L.B. Foster Company (Nasdaq: FSTR “Company”), a global solutions provider of products and services for the rail
About this update from L.b. Foster Company
[{"type":"text","content":"PITTSBURGH, Aug. 05, 2022 (GLOBE NEWSWIRE) -- L.B. Foster Company (Nasdaq: FSTR “Company”), a global solutions provider of products and services for the rail and infrastructure markets, today announced the sale of its rail spikes and anchors track components business located in St-Jean-sur-Richelieu, Quebec, Canada (the “Business”) to Gerdau Ameristeel Corporation located in Whitby, Ontario, Canada (“Gerdau”). Cash proceeds from the transaction are expected to total approximately CAD 10.2 million (or US $7.8 million), subject to customary indemnification obligations and working capital adjustment. Revenues from the divested Business totaled approximately US $14 million for the trailing-twelve-months ended June 30, 2022. John Kasel, the Company’s President and Chief Executive Officer, commented, “The sale of the track components business represents another accomplishment along our strategic transformation journey. We’re pleased with the outcome of the process and satisfied that the business will be operated by a well-respected industry player. Proceeds from the sale will be used to pay down our revolving credit facility and further enable our ability to execute on our growth playbook initiatives.” About L.B. Foster Company Founded in 1902, L.B. Foster Company is a global solutions provider of engineered, manufactured products and services that builds and supports infrastructure. The Company’s innovative engineering and product development solutions address the safety, reliability, and performance needs of its customer's most challenging requirements. The Company maintains locations in North America, South America, Europe, and Asia. For more information, please visit www.lbfoster.com. Forward-Looking Statements This release may contain “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements provide management's current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Sentences containing words such as “believe,” “intend,” “plan,” “may,” “expect,” “should,” “could,” “anticipate,” “estimate,” “predict,” “project,” or their negatives, or other similar expressions of a future or forward-lookin...