Thursday, April 22, 2010

Judge suspends completion of L.B. Foster-Portec merger

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L.B. Foster Co. and Portec Rail Products, Inc. say they are reviewing their options following a judge's action Wednesday enjoining the completion of L.B. Foster's tender offer to acquire all of Portec's issued and outstanding common stock.

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The Court of Common Pleas of AlleghenyCounty, Pa., issued the preliminary injunction. Several class action suits have been filed opposing the transaction.

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L.B. Foster manufactures and distributes products for the rail, construction, and utility/energy markets at approximately 30 locations throughout the United States.

Portec supplies rail anchors, spikes, friction management products and systems, rail joints, wayside data collection and data management systems, and freight car securement systems. Portec also manufactures material handling equipment.