PITTSBURGH, Dec. 23, 2010 /PRNewswire-FirstCall/ -- L.B.
Foster Company ("L.B. Foster",
Nasdaq: FSTR) and Portec Rail Products, Inc. ("Portec", Nasdaq:
PRPX) today announced the closing of an Asset Purchase Agreement
("APA") with Koppers, Inc., a wholly-owned subsidiary of Koppers
Holdings Inc. ("Koppers", NYSE: KOP). Koppers will
purchase the assets of Portec's rail joint business primarily
located at Portec's Huntington, WV
Plant. Revenues for this business in 2010 are estimated at
approximately $22 million.
According to Stan Hasselbusch,
President & CEO of L.B. Foster,
"We are happy to finalize this transaction with Koppers and
complete our last step in the acquisition of Portec Rail Products,
Inc."
About L.B. Foster Company
L.B. Foster is a leading
manufacturer, fabricator and distributor of products and services
for the rail, construction, energy and utility markets with
approximately 30 locations throughout the
United States. The Company was founded in 1902 and is
headquartered in Pittsburgh, PA.
Please visit our Website: www.lbfoster.com.
About Portec Rail Products, Inc.
Established in 1906, Portec serves 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: David Russo (412) 928-3450
drusso@lbfosterco.com
SOURCE L.B. Foster Company