PITTSBURGH — L.B. Foster Co. and Portec Rail Products Inc. announced that the Department of Justice has issued their final approval of and entered into an agreement with L.B. Foster and Portec relating to L.B. Foster‘s acquisition of Portec and the sale of certain assets related to Portec’s rail joint business primarily located at Portec’s Huntington, W.Va., plant.
The DOJ has filed the agreement together with related papers in federal district court. The signing of an Asset Purchase Agreement relating to this sale was announced on Dec. 9.
“We thank the DOJ for their expeditious approval and their cooperation with us throughout this entire process,” Stan L. Hasselbusch, president and CEO of L.B. Foster, said.
L.B. Foster will be able to close the tender offer and acquire Portec following judicial approval of this agreement which will satisfy the antitrust condition in the tender offer, assuming all of the other conditions to the tender offer are satisfied.