L.B. Foster Announces Sale of Railway Securement Business
PITTSBURGH, June 4, 2012 /PRNewswire/ -- Pittsburgh, Pennsylvania-based L.B. Foster Company (NASDAQ: FSTR) announced today the completion of the sale of its railway securement business to Holland, L.P. Terms of the transaction were not disclosed. L.B. Foster acquired the shipping systems division as part of its acquisition of Portec Rail Products, Inc. in December 2010.
Commenting on the announcement, L.B. Foster President and Chief Executive Officer, Robert Bauer, stated, "The sale of the railway securement business will place it with a company that has a better strategic fit and can unlock the full potential of the business. In the long run, this will be a benefit to the company's customers and its employees."
"The purchase of L.B. Foster's Shipping Systems Division will complement and expand the capabilities of Holland's Transportation Technology Division in the areas of Load Securement and Product Protection," noted Len O'Kray, Group Vice President of Mechanical at Holland, L.P. Mr. O' Kray further stated, "The combination of an experienced and enthusiastic work force, industry proven product offering along with a facility positioned for growth were all key considerations supporting our decision to purchase the business."
About L.B. Foster Company
L.B. Foster Company is a leading manufacturer, fabricator and distributor of products and services for the rail, construction, energy and utility markets with locations in North America and Europe. Please visit our Website: www.lbfoster.com
Vice President, Global Business Development
About Holland, L.P.
Holland, L.P. headquartered in Crete, Illinois, is a diversified supplier of contract services and products for both the Mechanical & Maintenance of Way departments within the railroad and transportation industry. Products include Rail Welding Services, Track Testing Services, Product Protection (vehicle chock system, load snugger systems, door edge protection, cross bar liners), Load Securement (low profile locks, automatic twistlocks, inter-box connectors, chain assemblies), Rail Car Cleaning, Mobile Rail Car Repair (mobilize to the work), Rail Car Prepping Service, Transloading Services, Rail Equipment Design and Manufacturing, and Rail Facility Design and Construction. Website: www.hollandco.com
Group Vice President of Mechanical
SOURCE L.B. Foster Company