DOJ gives approval for L.B Foster acquisition
Written by jrood
The Department of Justice has given their final approval of and entered into an agreement with L.B. Foster Company and Portec Rail Products, Inc., relating to L.B. Foster's acquisition of Portec and the sale of certain assets related to Portec Rail's rail joint business primarily located at Portec Rail's Huntington, W.Va. plant. The DOJ has filed the agreement together with related papers in federal district court. The signing of an Asset Purchase Agreement relating to this sale was announced on December 9, 2010. Commenting on the DOJ approval, Stan Hasselbusch, president and CEO of L.B. Foster said, "We thank the DOJ for their expeditious approval and their cooperation with us throughout this entire process." L.B. Foster said it will be able to close the tender offer and acquire Portec Rail following judicial approval of this agreement, which will satisfy the antitrust condition in the tender offer, assuming all of the other conditions to the tender offer are satisfied.
