Business
L.B. Foster Reaches Agreement With 22NW, LP Invites Alexander B. Jones to Serve as a Board Observer
PITTSBURGH, April 07, 2023 (GLOBE NEWSWIRE) -- L.B. Foster Company (the “Company”) (NASDAQ: FSTR) today announced that it has reached an agreement with 22NW,
About this update from L.b. Foster Company
[{"type":"text","content":"PITTSBURGH, April 07, 2023 (GLOBE NEWSWIRE) -- L.B. Foster Company (the “Company”) (NASDAQ: FSTR) today announced that it has reached an agreement with 22NW, LP, one of the Company’s largest shareholders, and various related parties. Pursuant to the agreement, the Company has invited Alexander B. Jones to serve as a non-voting Board Observer, effective immediately. Mr. Jones is currently a Research Analyst at 22NW where he oversees the firm’s investments in the industrials, materials, consumer, and other cyclical sectors. Raymond T. Betler, L.B. Foster Company Chairman of the Board of Directors, commented on the agreement, “We are pleased to have reached this agreement with 22NW. As we continue to execute on our strategic transformation plan, we look forward to having the benefit of Alex’s perspectives and insights, particularly on issues like capital allocation, material corporate transactions, investor communications, and additional opportunities for us to enhance shareholder value.” Aron R. English, 22NW’s Portfolio Manager, commented “We appreciate the constructive dialogue we have had with L.B. Foster over the past year. We are excited about the progress that L.B. Foster has made in executing on its strategic transformation and believe that, through closer, more regular collaboration with the L.B. Foster Board and management team, we can be helpful to the Company in its ongoing efforts to enhance value for all shareholders.” In the Agreement, L.B. Foster and 22NW have also agreed to customary standstill, voting, and other provisions. The complete agreement between L.B. Foster and 22NW will be filed with the SEC as an exhibit to a Form 8-K. 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 customers’ most challenging requirements. The Company maintains locations in North America, South America, Europe, and Asia. For more information, please visit www.lbfoster.com. About 22NW, LP 22NW, LP is a Seattle-based investment firm that specializes in small and microcap investments that have multi-year investment horizons. Forward-Looking Statements This release may conta...