L.B. Foster Company (NASDAQ: FSTR), a global technology solutions
provider of products and services for the rail and infrastructure
markets, announced today that, effective January 1, 2024, its Board
of Directors voted to expand its size to eight (8) members and
elect Mr. David J. Meyer to the Board.
Mr. Meyer brings a wide range of knowledge and
skills to the board that includes over 28 years of manufacturing
experience, including 23 years in the rail industry. His experience
encompasses both private and global public companies as well as the
United States Army and he holds seven (7) patents for various
rail-related products. Mr. Meyer currently serves as non-executive
Chair of A. Stucki Company, a privately held manufacturer of high
quality freight and rail-related parts owned by Stellex Capital,
since November 2023, having served as Executive Chair from 2022 to
November 2023. From 2019 to 2020, Mr. Meyer was the Chief Operating
Officer of Stone Canyon Industries Rail, a private company which
acquired A. Stucki in 2015 and sold it to Stellex Capital in
2022.
From 1999 to 2017, Mr. Meyer served in positions
of increasing responsibility at Westinghouse Airbrake Technologies
Corporation (“Wabtec”), a publicly traded global provider of
equipment, systems, digital solutions, and value-added services for
the freight and transit rail sectors, most recently as President of
its Industrial Group, and prior as Group Executive of its Transit
sector. Over his tenure, he held various positions in its freight
car products operations and brake systems businesses.
While at Wabtec, Mr. Meyer served as a captain
in the United States Army Reserve from 1995 to 2003, bringing Lean
manufacturing and management to the Army Depot system while on
active duty in 2002; a factory manager at Oxford Automotive
Incorporated, a full-service, global tier one supplier of
integrated systems based on metal forming and related technologies
from 1995-1999; and as a manufacturing manager, product line
manager, and project engineer for Eaton Corporation, a global
manufacturer of highly engineered products that serve automotive,
heavy truck, industrial, construction, commercial and semiconductor
markets from 1995 to 1998. Mr. Meyer also founded Northern Bel,
LLC, a consulting and acquisition organization, in 2018, and was a
Board member of American Track Services from 2019 to 2021.
Mr. Meyer earned his Bachelor of Science in
Industrial Engineering from Purdue University and a Master of
Business Administration with concentrations in Finance and
Entrepreneurship from the University of Chicago Booth School of
Business.
Raymond T. Betler, L.B. Foster Chairman of the
Board of Directors, commented on the appointment, “The Board is
excited to have David join the Company. David has extensive
experience in the rail industry, the focus of the Company’s largest
business segment, and brings market-specific operations and
financial expertise to the Board. His engineering, manufacturing,
and global public and private company skills add depth to the Board
in critical areas for the Company. We look forward to his
contributions to the Board and management as we drive shareholder
value.”
About L.B. Foster Company
Founded 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 Statements
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: 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; cybersecurity 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 and
Israel; 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.
Marketing &
Communications:Caroline Toplak(412)
928-3540ctoplak@lbfoster.com
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