12/24/2010 12:03:00 AM
NEWS BRIEFS
Rail Fastener Producer L.B. Foster Acquires Portec
Train fastener and rail products manufacturer L.B. Foster finalized its $113.3 million acquisition of Portec Rail Products.
L.B. Foster CEO Stan Hasselbusch told the Pittsburgh Post-Gazette that the process took ten months to complete because the parties involved kept taking two steps forward and one step back.
“The Portec merger is very important to us,” stated Hasselbusch. “It really widens the breadth of the products we can offer. If you look at our company, less than 50% is in the rail business.”
Portec is projected to generate $100 million in annual revenue for L.B. Foster, pushing its parent company to the $500 million revenue mark.
“We bought Portec for its products, its research and development wing, and its involvement in the service sector, and we like their international presence,” Hasselbusch added. “Half their business is outside the U.S.”
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 and rail joints.
Founded in 1902, Pittsburgh-based L.B. Foster distributes steel railroad track and manufactures concrete railroad insulated bonded joints, fasteners and rail for the transit industry. The company maintains 17 sales offices, 16 plants or warehouses nationwide and a sales force of more than 70. ©2010 GlobalFastenerNews.com
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