Business
L.B. Foster Company Announces Sale of Concrete Rail Tie Operations
PITTSBURGH, July 05, 2023 (GLOBE NEWSWIRE) -- L.B. Foster Company (NASDAQ: FSTR), a global technology solutions provider of products and services for the rail
About this update from L.b. Foster Company
[{"type":"text","content":"PITTSBURGH, July 05, 2023 (GLOBE NEWSWIRE) -- L.B. Foster Company (NASDAQ: FSTR), a global technology solutions provider of products and services for the rail and infrastructure markets (the \"Company\"), today announced that its CXT, Incorporated subsidiary has completed the sale of substantially all the operating assets of its prestressed concrete railroad tie business located in Spokane, WA to voestalpine Railway Systems Nortrak, LLC (“Nortrak”). The Company is retaining all pre-closing accounts receivable and liabilities associated with the business, while the asset sale to Nortrak includes all owned inventory associated with the line of business, as well as the related fixed assets. Total cash proceeds from the transaction are expected to be approximately $3 million, subject to customary working capital adjustments. Revenues from the divested business, which was part of the Company’s Rail, Technologies, and Services segment, totaled approximately $9 million for the trailing-twelve-months ended June 30, 2023. Impact to 2023 Financial GuidanceThe completed transaction did not have a material impact on the Company’s financial guidance for its fiscal year ending December 31, 2023. As previously reported, the Company expects net sales for 2023 to range between $520 million to $550 million, with adjusted EBITDA expected between $27 million and $31 million. 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 and Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements 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 the...