PITTSBURGH, Oct. 29, 2014 (GLOBE NEWSWIRE) -- Pittsburgh, PA-based L.B. Foster Company (Nasdaq:FSTR) today announced an agreement to acquire the railroad tuning unit, FWO, of Balfour Beatty Rail GmbH. The German business provides track lubrication and switch roller equipment for international railway applications.
"FWO railway products will complement and expand L.B. Foster's existing line of friction management and track products," said Robert Bauer, L.B. Foster President and Chief Executive Officer. "This acquisition will undoubtedly enhance L.B. Foster's rail activities in Europe".
"The FWO ESA Electronic Track Lubricating system and associated specialist knowledge of wheel/rail interaction is an ideal fit with L.B. Foster's existing solution portfolio, marketing expertise and R&D competencies," noted Peter Jones, Managing Director, L.B. Foster Rail Technologies (UK) Ltd. The FWO business unit currently employs a team based in Bochum (Nordrhein-Westfalen, Germany) and has established sales in Europe and South America. Mr. Jones went on to say that, "I am delighted that the key employees in this business have decided to join the L.B. Foster team and help strengthen our position in the European market".
About L.B. Foster Company
L.B. Foster is the worldwide leader in friction management solutions for the rail industry. These solutions help transit and freight railways reduce wear and tear and improve efficiency and fuel consumption. As part of these solutions, the company offers stationary and mobile technologies, as well as services to maintain availability. Please visit our Website: www.lbfoster.com
CONTACT: L.B. Foster Company Media Contact: Jake Fuellhart, Marketing Communications Manager, Corporate Marketing 412.928.5645 firstname.lastname@example.orgSource:L.B. Foster Company