L.B. Foster Company and Portec Rail Products, Inc. Announce Agreement with Department of Justice and Filing of Consent Decree
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Foster, L. B. Co.
415 Holiday Dr., P.O. Box 2806
Pittsburgh, PA, 15220
Press release date: December 14, 2010
PITTSBURGH, Dec. 14, 2010 - L.B. Foster Company ("L.B. Foster") (Nasdaq: FSTR) and Portec Rail Products, Inc. ("Portec") (Nasdaq: PRPX) today announced that the Department of Justice ("DOJ") has issued their final approval of and entered into an agreement with L.B. Foster and Portec relating to L.B. Foster's acquisition of Portec and the sale of certain assets related to Portec's rail joint business primarily located at Portec's Huntington, WV 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 L. 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 will be able to close the tender offer and acquire Portec 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.
About Portec Rail Products, Inc.
Established in 1906, Portec serves both domestic and international rail markets by manufacturing, supplying and distributing a broad range of rail products, rail anchors, rail spikes, railway friction management products and systems, rail joints, railway wayside data collection and data management systems and freight car securement systems. Portec also manufactures material handling equipment for industries outside the rail transportation sector through its United Kingdom operation. Portec operates through its four global business segments: Railway Maintenance Products (Salient Systems), Shipping Systems, Portec Rail Nova Scotia Company in Canada (Kelsan friction management, rail anchor and spike products), and Portec Rail Products, Ltd. in the UK (material handling and Coronet Rail products). Portec Rail Products is headquartered in Pittsburgh, PA.
About L.B. Foster Company
L.B. Foster is a leading manufacturer, fabricator and distributor of products and services for the rail, construction, energy and utility markets with approximately 30 locations throughout the United States. The Company was founded in 1902 and is headquartered in Pittsburgh, PA. Please visit our Website: www.lbfoster.com.
SOURCE L.B. Foster Company
Web Site: http://www.lbfoster.com