Tuesday, June 05, 2012

L.B. Foster finalizes business division sale

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L.B. Foster Co. on Monday noted the completion of the sale of its railway securement business to Holland, L.P.

Terms of the transaction were not disclosed. Pittsburgh-based L.B. Foster acquired the shipping systems division as part of its acquisition of Portec Rail Products, Inc. in December 2010.

Said L.B. Foster President and Chief Executive Officer Robert Bauer, "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."

Said Holland L.P. Group Vice President of Mechanical Len O'Kray, "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."