L.B. Foster Company has completed the sale of its railway securement business to Holland, L.P. Terms of the transaction were not disclosed. L.B. Foster acquired the shipping systems division as part of its acquisition of Portec Rail Products, Inc., in December 2010.
L.B. Foster President and Chief Executive Officer Robert Bauer stated, “The sale of the railway securement business will place it with a company that has a better strategic fit and can unlock the full potential of the business. In the long run, this will be a benefit to the company’s customers and its employees.”
“The purchase of L.B. Foster’s Shipping Systems Division will complement and expand the capabilities of Holland’s Transportation Technology Division in the areas of load securement and product protection,” noted Len O’Kray, group vice president of mechanical at Holland, L.P. “The combination of an experienced and enthusiastic work force, industry proven product offering, along with a facility positioned for growth were all key considerations supporting our decision to purchase the business.”