Portec divestiture eases way to acquisition by L.B. Foster
Written by William C. Vantuono, Editor-in-ChiefL.B. Foster Co., and Portec Rail Products, Inc., have signed an agreement with Koppers, Inc., under which Koppers will purchase the assets of Portec’s rail joint business primarily located at Portec’s Huntington, W. Va., plant. Revenue for this business in 2010 is estimated at $22 million.
Consummation of the divestiture is subject to conditions that include approval by the U. S. Department of Justice.
Stan L. Hasselbusch, president and CEO of L.B. Foster, said in a statement late Thursday: “We are very pleased to announce the completion of this critical step in our acquisition of Portec. We have worked diligently with the DOJ to find an acceptable solution to their objections to our acquisition. We are also pleased to be able to sell these assets to Koppers, another Pittsburgh-based supplier to the rail industry.”
