- September 27, 2021
- Posted by: Stratford Team
- Category: Business
By Colin Kellaher
L.B. Foster Co. on Monday said it has sold its steel piling products business to privately held J.D. Fields & Co. for total proceeds of about $24 million.
The Pittsburgh provider of products and services for the rail industry said it is retaining all pre-closing receivables and liabilities associated with the business, which generated revenue of about $43 million in the first half of the year.
L.B. Foster, which posted sales of $270.6 million in the first half, said it is narrowing its investment focus in the more profitable areas of rail technologies and precast concrete products.
Write to Colin Kellaher at colin.kellaher@wsj.com
Corrections & Amplifications
This article was corrected at 09:36 a.m. ET to fix the figure in the headline. L.B. Foster sold its steel piling products business for about $24 million, not 424 million.
