Benzinga | Sep 27, 2021 03:22PM EDT

L.B. Foster Closes Sale Of Steel Piling Products Business

* L.B. Foster Co (NASDAQ:FSTR) has completed the sale of its steel Piling Products line of business to J.D. Fields & Company for ~$24 million in total proceeds.

* The asset sale includes all inventory held and the related fixed assets, including its Petersburg, Virginia facility.

* LB Foster is retaining all pre-closing receivables and liabilities associated with the business.

* The Piling Products division produced revenues of ~$43 million for the six months ended June 30, 2021, and $59 million for the twelve months ended December 31, 2020.

* The company noted that Piling Products' business model was capital-intensive and presented constraints on its ability to increase profit margins.

* Price Action: FSTR shares are trading higher by 4.68% at $15.97 on the last check Monday.