L. B. Foster completes tender offer for shares of Portec Rail Products

L. B. Foster Company announced the expiration of the subsequent offering period offered by its wholly-owned subsidiary, Foster Thomas Company, for its cash tender offer for all outstanding shares of common stock of Portec Rail Products, Inc. The subsequent offering period expired at 5:00 p.m., New York City time, on December 21, 2010.

As of the subsequent
offering period’s expiration time, approximately 8,662,078 shares had been
tendered and not properly withdrawn pursuant to the tender offer, which
represented approximately 90.20 percent of the outstanding shares. L.B. Foster and
Foster Thomas Company accepted for payment all shares that were validly
tendered and not properly withdrawn, and paid for these shares in accordance
with the tender offer’s terms.

L. B. Foster intends to
effect a "short form" merger of Foster Thomas Company with and into
Portec Rail, with Portec Rail being the surviving corporation, as soon as
practicable. As a result of the merger, Portec Rail will become a wholly-owned
subsidiary of L.B. Foster.

Stan Hasselbusch, president
and chief executive officer of L. B. Foster, said, "I am very pleased that
we are able to complete the Tender Offer and now begin the process of combining
our two great companies. As I look ahead I see a very bright future for the new
L.B. Foster as we continue our path to enhancing or position as a leading
supplier of products and services for the global rail industry."