PITTSBURGH, April 22, 2010 /PRNewswire/ -- L.B. Foster
Company ("L.B. Foster") (Nasdaq: FSTR) and Portec Rail Products,
Inc. ("Portec") (Nasdaq: PRPX) today announced that on April 21, 2010 the Court of Common Pleas of
Allegheny County, Pennsylvania
issued a preliminary injunction enjoining the completion of
L.B. Foster's tender offer to
acquire all of Portec's issued and outstanding common stock.
L.B. Foster and Portec are reviewing
the Court's opinion with their advisors to determine a future
course of action.
L.B. Foster Company is a leading manufacturer, fabricator, and
distributor of products for the rail, construction and utility and
energy markets with approximately 30 locations throughout
the United States.
Established in 1906, Portec has served both domestic and
international rail markets by manufacturing, supplying and
distributing a broad range of rail products, rail anchors, rail
spikes, railway friction management products and systems, rail
joints, railway wayside data collection and data management systems
and freight car securement systems. Portec also manufactures
material handling equipment for industries outside the rail
transportation sector through its United
Kingdom operation. Portec operates through its four global
business segments: Railway Maintenance Products (Salient Systems),
Shipping Systems, Portec Rail Nova Scotia Company in Canada (Kelsan friction management, rail
anchor and spike products), and Portec Rail Products, Ltd. in the
UK (material handling and Coronet Rail products). Portec Rail
Products is headquartered in Pittsburgh,
PA.
Contact information: L.B. Foster Portec Rail Products, Inc.
David Voltz +1-412-928-3431 Rich Jarosinski
dvoltz@lbfosterco.com +1-412-782-6000, X 4230