L.b. foster announces track components business divestiture

Pittsburgh, aug. 05, 2022 (globe newswire) -- l.b. 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”). cash proceeds from the transaction are expected to total approximately cad 10.2 million (or us $7.8 million), subject to customary indemnification obligations and working capital adjustment. revenues from the divested business totaled approximately us $14 million for the trailing-twelve-months ended june 30, 2022.
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