PITTSBURGH — L.B. Foster Co. and Portec Rail Products Inc. announced the signing of an Asset Purchase Agreement with Koppers Inc., a wholly-owned subsidiary of Koppers Holdings Inc.
Koppers will purchase the assets of Portec’s rail joint business primarily located at Portec’s Huntington, WV Plant. Revenues for this business in 2010 are estimated at approximately $22 million. This transaction is expected to close by year-end.
Consummation of the divestiture is subject to various conditions including final approval by the Department of Justice Antitrust Division, entering into a consent order by Foster and Portec to be filed and approved by a federal district court judge and Foster’s subsidiary notifying the depositary for its tender offer for Portec’s shares that it is accepting the tendered shares for payment.
Upon judicial approval, the antitrust condition in our tender offer will be satisfied and L.B. Foster will be able to close the tender offer and acquire Portec assuming the other conditions of the tender offer are satisfied.