FOSTER L B CO (FSTR): restructuring charge — L.B. Foster revises exit costs up to $4.5-4.8M for bridge grid deck product line exit

FOSTER L B CO

Non-cash impairment charges increased to $2.2-2.3M from $1.4-1.5M.
Cash exit costs now expected $2.3-2.5M vs. prior $1.2-1.4M.
Total product line exit costs revised to $4.5-4.8M, up from $2.6-2.9M.
Cash severance and retention unchanged at $1.0-1.2M.
Exit expected substantially complete by December 31, 2023 in Steel Products segment.

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 $4.5 to $4.8 million affecting Steel Products and Measurement operating segment.

Type: restructuring
Charge: $4.5 to $4.8 million
Affected area: Steel Products and Measurement operating segment

Exact text from the filing

Total costs associated with the product line exit are now expected to range between $4.5 to $4.8 million, up from $2.6 to $2.9 million in the Original Filing.

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FOSTER L B CO filing history →

Source: SEC EDGAR

accession 0000352825-23-000102

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