L.B. Foster to sell railway securement business
Written by jrood
L.B. Foster Company plans to sell its railway securement business in a transaction expected to be completed by the end of the second quarter. L.B. Foster acquired the shipping systems division as part of its acquisition of Portec Rail Products, Inc. in December 2010.
In announcing the decision to sell the unit, the company noted that other industry participants would be a better strategic fit and, therefore, provide better growth potential for the business and its employees.
The shipping systems business employs 35 employees and maintains facilities in Chicago, Ill., and Kenova, W. Va. The unit manufactures chain, cable and strap tie down systems for vehicle and load securement in rail freight applications. L.B. Foster intends to release details of the sale upon completion of the transaction.
