Texas-based J.D. Fields & Co., a steel pipe and piling company, recently completed the purchase of Pittsburgh-based L.B. Foster Co.’s steel Piling Products business for approximately $24 million.
The sale includes a Virginia facility and inventory.
L.B. Foster is a provider of products and services for the rail industry and solutions that support infrastructure projects. Its Piling Products business generated approximately $43 million in revenue during the first half of the year.
“We are pleased with the results of the transaction, which will help us improve shareholder value by allocating capital to businesses with better growth and profitability outlooks,” John Kasel, L.B. Foster president and CEO, said. “Our Piling Products business model was working capital intensive and presented constraints on our ability to increase profit margins. We are confident that we can redeploy this capital in a way that will achieve better returns and further strengthen businesses in our portfolio that have more robust growth opportunities.”
L.B. Foster will hold a video conference call Oct. 4 to discuss the sale with investors and answer questions.
The company and its subsidiaries provide products that address its customers’ safety, reliability, and performance requirements. It maintains locations in North America, Asia, Europe, and South America.