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FOSTER L B CO : Completion of Acquisition or Disposition of Assets, Financial Statements and Exhibits (form 8-K)

09/27/2021 | 09:06am EDT

Item 2.01 Completion of Acquisition or Disposition of Assets.

On September 27, 2021, L.B. Foster Company ("Company") announced it completed the sale of its Piling Products division to J.D. Fields & Company, Inc. ("Purchaser") pursuant to the Asset Purchase Agreement dated September 24, 2021 ("Purchase Agreement"), by and between the Company and the Purchaser, for approximately $24 million in total proceeds. The Company is retaining all pre-closing receivables and liabilities associated with the division. The Purchase Agreement includes all inventory held by the Company associated with the division, as well as the related fixed assets, including its Petersburg, VA facility. As part of the transaction, the Company entered into a non-compete agreement which precludes marketing, selling, and distributing steel piling for heavy civil and marine applications in the United States and its territories, Canada, Mexico, Central America, and the Caribbean for a period of five years. The Piling Products division is included within the Infrastructure Solutions business segment. On September 27, 2021, the Company issued a press release announcing the sale of the Piling Products division. A copy of that press release is furnished with this report as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(d)  Exhibits

See Exhibit Index below.

Exhibit Index
      Exhibit Number        Description
           *99.1              Press Release dated September 27, 2021, of L.B. Foster Company.

           *104             Cover Page Interactive Data File (formatted as inline XBRL and
                            contained in Exhibit 101)

*Exhibits marked with an asterisk are filed herewith.


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