L.B. Foster completes sale of Piling Products division to J.D. Fields for $24M

FOSTER L B CO

Sale proceeds of ~$24M; buyer is J.D. Fields & Company; closing date Sept 24, 2021.
Assets sold include inventory and Petersburg, VA facility; company retains pre-closing receivables and liabilities.
Divested division generated $43M revenue in H1 2021 and $59M in FY 2020.
CEO states capital will be redeployed to Rail Technologies and Precast Concrete Products.
Investor call on Oct 4, 2021 at 11 a.m. ET to discuss transaction.

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