L.b. foster company announces sale of concrete rail tie operations

Pittsburgh, july 05, 2023 (globe newswire) -- l.b. foster company (nasdaq: fstr), a global technology solutions provider of products and services for the rail and infrastructure markets (the "company"), today announced that its cxt, incorporated subsidiary has completed the sale of substantially all the operating assets of its prestressed concrete railroad tie business located in spokane, wa to voestalpine railway systems nortrak, llc (“nortrak”).   the company is retaining all pre-closing accounts receivable and liabilities associated with the business, while the asset sale to nortrak includes all owned inventory associated with the line of business, as well as the related fixed assets. total cash proceeds from the transaction are expected to be approximately $3 million, subject to customary working capital adjustments. revenues from the divested business, which was part of the company's rail, technologies, and services segment, totaled approximately $9 million for the trailing-twelve-months ended june 30, 2023.
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