L.B. Foster Company (the “Company”) (NASDAQ: FSTR) has been awarded
a $7 million subcontract to supply infrastructure materials for the
rehabilitation of existing upstream approach walls for a new lock
at the U.S. Army Corps of Engineers (USACE) Soo Locks Complex in
Sault Ste. Marie, Michigan. The Company is supplying approximately
5,750 tons of steel piling to construction firm Kokosing-Alberici,
LLC, a joint venture between two major infrastructure companies:
Kokosing Industrial of Westerville, Ohio, and Alberici Constructors
of St. Louis, Missouri.
The upstream approach walls will be constructed using a
combination of 34 ft. diameter cellular cofferdams using PS 31 and
PS 27.5 steel flat sheets, and approach walls using PZC™ 13, 26,
and 28 steel sheet piling. The approach walls allow ships to tie up
and wait their turn to pass through the new lock. L.B. Foster and
major supply partner, Gerdau, managed the delivery of the piling
beginning in spring 2021, with installation estimated to be
completed in 2023.
“Our sales and engineering teams worked closely with
Kokosing-Alberici, LLC to supply the materials required to
construct a lock and dam structure that will adequately serve the
navigation needs for industries that rely on shipments of critical
raw materials to ports in the lower Great Lakes,” noted Michael
Bernitt, Regional Sales Manager, L.B. Foster Infrastructure
Solutions.
Originally built in 1855, the Soo Locks are a set of parallel
locks operated and maintained by the United States Army Corps of
Engineers, Detroit District, that enable ships to travel between
Lake Superior and the lower Great Lakes. Approximately 80 million
tons of commercial commodities pass through the Soo Locks
annually.
PZC™ is a trademark of Gerdau.
About L.B. Foster Company
L.B. Foster Company and its subsidiaries provide products and
services for the rail industry, and solutions to support critical
infrastructure projects. The Company’s innovative engineering and
product development solutions inspire the safety, reliability, and
performance of its customers’ challenging requirements. The Company
maintains locations in North America, South America, Europe, and
Asia. For more information, please visit www.lbfoster.com.
This release may contain “forward-looking” statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and Section 27A of the Securities Act of 1933, as amended.
Forward-looking statements provide management's current
expectations of future events based on certain assumptions and
include any statement that does not directly relate to any
historical or current fact. Sentences containing words such as
“believe,” “intend,” “plan,” “may,” “expect,” “should,” “could,”
“anticipate,” “estimate,” “predict,” “project,” or their negatives,
or other similar expressions of a future or forward-looking nature
generally should be considered forward-looking statements.
Forward-looking statements in this earnings release are based on
management's current expectations and assumptions about future
events that involve inherent risks and uncertainties and may
concern, among other things, the Company’s expectations relating to
our strategy, goals, projections, and plans regarding our financial
position, liquidity, capital resources, and results of operations
and decisions regarding our strategic growth initiatives, market
position, and product development. While the Company considers
these expectations and assumptions to be reasonable, they are
inherently subject to significant business, economic, competitive,
regulatory, and other risks and uncertainties, most of which are
difficult to predict and many of which are beyond the Company’s
control. The Company cautions readers that various factors could
cause the actual results of the Company to differ materially from
those indicated by forward-looking statements. Accordingly,
investors should not place undue reliance on forward-looking
statements as a prediction of actual results. Among the factors
that could cause the actual results to differ materially from those
indicated in the forward-looking statements are risks and
uncertainties related to: the COVID-19 pandemic, including the
impact of any worsening of the pandemic on our financial condition
or results of operations, and any future global health crises, and
the related social, regulatory, and economic impacts and the
response thereto by the Company, our employees, our customers, and
national, state, or local governments; a continued deterioration in
the prices of oil and natural gas and the related impact on the
upstream and midstream energy markets; a continuation or worsening
of the adverse economic conditions in the markets we serve, whether
as a result of the current COVID-19 pandemic, including its impact
on travel and demand for oil and gas, the continued deterioration
in the prices for oil and gas, governmental travel restrictions,
project delays, and budget shortfalls, or otherwise; volatility in
the global capital markets, including interest rate fluctuations,
which could adversely affect our ability to access the capital
markets on terms that are favorable to us; restrictions on our
ability to draw on our credit agreement, including as a result of
any future inability to comply with restrictive covenants contained
therein; a continuing decrease in freight or transit rail traffic,
including as a result of the COVID-19 pandemic; environmental
matters, including any costs associated with any remediation and
monitoring; the risk of doing business in international markets,
including compliance with anti-corruption and bribery laws, foreign
currency fluctuations and inflation, and trade restrictions or
embargoes; our ability to effectuate our strategy, including cost
reduction initiatives, and our ability to effectively integrate
acquired businesses or to divest businesses, such as the 2020
disposition of the IOS Test and Inspection Services business and
acquisition of LarKen Precast, LLC and to realize anticipated
benefits; costs of and impacts associated with shareholder
activism; continued customer restrictions regarding the on-site
presence of third party providers due to the COVID-19 pandemic; the
timeliness and availability of materials from our major suppliers,
including any continuation or worsening of the disruptions in the
supply chain experienced as a result of the COVID-19 pandemic, as
well as the impact on our access to supplies of customer
preferences as to the origin of such supplies, such as customers’
concerns about conflict minerals; labor disputes; cyber-security
risks such as data security breaches, malware, ransomware,
“hacking,” and identity theft, including as experienced in 2020,
which could disrupt our business and may result in misuse or
misappropriation of confidential or proprietary information, and
could result in the significant disruption or damage to our
systems, increased costs and losses, or an adverse effect to our
reputation; the effectiveness of our continued implementation of an
enterprise resource planning system; changes in current accounting
estimates and their ultimate outcomes; the adequacy of internal and
external sources of funds to meet financing needs, including our
ability to negotiate any additional necessary amendments to our
credit agreement or the terms of any new credit agreement, and
reforms regarding the use of LIBOR as a benchmark for establishing
applicable interest rates; the Company’s ability to manage its
working capital requirements and indebtedness; domestic and
international taxes, including estimates that may impact taxes;
domestic and foreign government regulations, including tariffs;
economic conditions and regulatory changes caused by the United
Kingdom’s exit from the European Union; a lack of state or federal
funding for new infrastructure projects; an increase in
manufacturing or material costs; the loss of future revenues from
current customers; and risks inherent in litigation and the outcome
of litigation and product warranty claims. Should one or more of
these risks or uncertainties materialize, or should the assumptions
underlying the forward-looking statements prove incorrect, actual
outcomes could vary materially from those indicated. Significant
risks and uncertainties that may affect the operations,
performance, and results of the Company’s business and
forward-looking statements include, but are not limited to, those
set forth under Item 1A, “Risk Factors,” and elsewhere in our
Annual Report on Form 10-K for the year ended December 31,
2020, or as updated and/or amended by other current or periodic
filings with the Securities and Exchange Commission.
The forward-looking statements in this release are made as of
the date of this release and we assume no obligation to update or
revise any forward-looking statement, whether as a result of new
information, future developments, or otherwise, except as required
by the federal securities laws.
Marketing & Communications:Jake
Fuellhart(412) 928-5645jfuellhart@lbfoster.com
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