L.B. Foster Announces Track Components Business Divestiture
Foster Company (Nasdaq: FSTR Company), a global solutions provider of products and services for the rail and infrastructure markets, today announced the sale of its rail spikes and anchors track components business located in St-Jean-sur-Richelieu, Quebec, Canada (the Business) to Gerdau Ameristeel Corporation located in Whitby, Ontario, Canada (Gerdau).
- Foster Company (Nasdaq: FSTR Company), a global solutions provider of products and services for the rail and infrastructure markets, today announced the sale of its rail spikes and anchors track components business located in St-Jean-sur-Richelieu, Quebec, Canada (the Business) to Gerdau Ameristeel Corporation located in Whitby, Ontario, Canada (Gerdau).
- Revenues from the divested Business totaled approximately US $14 million for the trailing-twelve-months ended June 30, 2022.
- John Kasel, the Companys President and Chief Executive Officer, commented, The sale of the track components business represents another accomplishment along our strategic transformation journey.
- Were pleased with the outcome of the process and satisfied that the business will be operated by a well-respected industry player.