L.B. Foster Company (Nasdaq: FSTR), a global technology solutions
provider of products and services for the rail and infrastructure
markets is pleased to announce that its North American strategic
partnership with FUCHS Lubricants Co., the world's largest
independent lubricant manufacturer, will be extended to additional
rail markets in South America, Australia, and China. The
partnership combines L.B. Foster’s renowned expertise in the
deployment of total friction management solutions for the global
rail industry with FUCHS’s manufacturing capabilities and
world-class lubrication solutions for railway traffic.
L.B. Foster offers its rail customers trackside
and on-board friction management solutions and pioneered Total
Friction Management® (TFM) solutions for the rail freight,
passenger, and urban transit sectors. TFM is how L.B. Foster works
with railroads around the world to deliver holistic, optimized
friction management programs. FUCHS is a global company that
develops, produces, and distributes more than 10,000 lubricants and
related services with industry-specific solutions for demanding
applications.
Together, L.B. Foster and FUCHS continue to push
innovation in friction management lubricant products to drive
considerable savings to its customers through rail and wheel wear
reduction, increased operational efficiencies, and improved safety.
This strategic partnership facilitates driving global production of
the L.B. Foster and FUCHS co-branded greases in international
growth regions as well as continuing to support the increasing
demands in North America.
Commenting on the partnership, L.B. Foster
President and CEO John Kasel said, “We are excited to work with
FUCHS as our preferred partner for manufacturing our advanced
friction management lubricants. The combination of our wheel/rail
engineering expertise with FUCHS’s lubricant manufacturing
competencies brings best-in-class solutions designed to benefit the
global rail industry.”
Stefan Fuchs, Chairman & CEO, FUCHS Group
adds: “We are pleased to unveil the extension of this successful
strategic partnership. It is clearly a win-win for the rail
industry. Our colleagues at L.B. Foster Friction Management are
experts in complementary fields. By acting together, we will
deliver combined capabilities that place friction modification as a
value-added essential on the railways. What cements this strategic
partnership is our shared values of trust, respect, reliability and
integrity, creating value through innovation and first-class
service for customers in certain rail markets.”
About L.B. Foster
CompanyFounded in 1902, L.B. Foster Company is a global
technology solutions provider of engineered, manufactured products
and services that builds and supports infrastructure. The Company’s
innovative engineering and product development solutions address
the safety, reliability, and performance needs of its customer's
most challenging requirements. The Company maintains locations in
North America, South America, Europe, and Asia. For more
information, please visit www.lbfoster.com.
Forward-Looking StatementsThis
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: 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 continuation or worsening of the
adverse economic conditions in the markets we serve, including
recession, the continued volatility 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 decrease in freight
or transit rail traffic; environmental matters, including any costs
associated with any remediation and monitoring of such matters; 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 recent dispositions
of the Track Components, Chemtec, and Ties businesses, and
acquisitions of the Skratch Enterprises Ltd., Intelligent Video
Ltd., and VanHooseCo Precast LLC businesses and to realize
anticipated benefits; costs of and impacts associated with
shareholder activism; the timeliness and availability of materials
from our major suppliers, 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, which could
disrupt our business and may result in misuse or misappropriation
of confidential or proprietary information, and could result in the
disruption or damage to our systems, increased costs and losses, or
an adverse effect to our reputation; the continuing effectiveness
of our ongoing 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
SOFR 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;
geopolitical conditions, including the conflict in Ukraine; 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,
2022, or as updated and/or amended by our 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.
Investor Relations:Stephanie
Schmidt(412) 928-3417investors@lbfoster.com
L.B. Foster Company415 Holiday DriveSuite
100Pittsburgh, PA 15220
Photos accompanying this announcement are
available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/b2d428fb-307d-4a57-bccd-dd759cd4f2a0https://www.globenewswire.com/NewsRoom/AttachmentNg/d797c094-9016-4f64-a0c3-1d140d0f54a3
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