Business report

LB Foster sells its track components business

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Pittsburgh-based LB Foster Co. recently sold its Canadian track and anchor components business to Ontario-based Gerdau Ameristeel Corp. for $7.8 million.

“The sale of the track components business represents another achievement in our strategic transformation journey,” said John Kasel, President and CEO of LB Foster. “We are pleased with the outcome of the process and confident that the business will be operated by a highly respected player in the industry. Proceeds from the sale will be used to repay our revolving credit facility and further enable us to implement our growth strategy initiatives. »

The company is located in St-Jean-sur-Richelieu, Quebec. The agreement is subject to customary indemnification obligations and working capital adjustment.

In the 12 months ending June 30, revenue from the divested business totaled approximately $14 million.

The deal comes days after LB Foster bought two UK companies – Skratch Enterprises, a digital systems integration company, and Intelligent Video, which offers surveillance, security and safety solutions.

LB Foster was founded in 1902. It is a provider of engineered and manufactured products and services that build and support infrastructure. Its products and services are used to meet customer needs for security, reliability and performance.

The company has locations in North America, Asia, Europe and South America.