LB Foster Company Announces Precision Measurement Products and Systems Divestiture and Updated 2023 Financial Guidance

PITTSBURGH, April 03, 2023 (GLOBE NEWSWIRE) — L.B. Foster Company (NASDAQ: FSTR), a global technology solutions provider of products and services for the rail and infrastructure markets (the “Company”), today announced the sale of substantially all the operating assets of its Chemtec Energy Services, L.L.C. precision measurement products and systems business located in Willis, Texas to a private buyer. Cash proceeds from the transaction are expected to total approximately $6.6 million, subject to customary working capital adjustments. Revenues from the divested business totaled approximately $25 million for the trailing-twelve-months ended March 31, 2023. John Kasel, the Company’s President and Chief…