FOSTER L B CO (FSTR): restructuring charge — L.B. Foster exits bridge grid deck product line; expects $2.6-2.9M in exit costs

FOSTER L B CO

Product line had ~$9M in sales over last twelve months; operations to cease in Q4 2023.
Total exit costs estimated between $2.6M and $2.9M, including $1.2-1.4M cash costs (severance, retention, other).
Company reaffirms FY2023 guidance: net sales $520M-$550M, adjusted EBITDA $28M-$32M.
Exit allows focus on growing bridge forms product line at same Bedford site.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

FOSTER L B CO announced a restructuring with charges of $2.6 to $2.9 million affecting Steel Products and Measurement operating segment; fabricated bridge grid deck product line; Bedford, PA and Greentree, PA (separation of certain union and non-union employees both in Bedford and Greentree, PA).

Type: restructuring
Charge: $2.6 to $2.9 million
Affected area: Steel Products and Measurement operating segment; fabricated bridge grid deck product line; Bedford, PA and Greentree, PA
Headcount: separation of certain union and non-union employees both in Bedford and Greentree, PA

Exact text from the filing

miscellaneous exit costs of approximately $0.2 million, and non-cash impairment reserves of approximately $1.4 to $1.5 million. Total exit costs are expected to range between $2.6 to $2.9 million, with cash costs ranging between $1.2 and $1.4 million, in its Steel Products and Measurement operating segment. The approximate expense resulting from this exit

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3 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

FOSTER L B CO filing history →

Source: SEC EDGAR

accession 0000352825-23-000099

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