UK Firm Expands L.B. Foster's International Rail and Automated Solutions Offerings
PITTSBURGH, Pa., Jan. 19, 2015 (GLOBE NEWSWIRE) -- Pittsburgh, PA-based L.B. Foster Company (Nasdaq:FSTR) today announced the acquisition of TEW Engineering Ltd. of Nottingham, UK, a distinctive and vibrant Application Engineering Group that designs, manufactures and supports applications for rail markets and other major industries. The 100 year old firm specializes in rail engineering solutions for control room, passenger information and trackside signaling applications.
"The addition of the TEW Group to L.B. Foster provides an ideal platform for L.B. Foster's further expansion into international rail markets," said John Kasel, Senior Vice President, L.B. Foster Rail Business. "The addition of the TEW engineering team enhances our unique product application and automation solutions capabilities."
Peter Jones, Managing Director of L.B. Foster Rail Technologies (UK) Ltd. added, "The TEW Group is building on 5 years of significant growth as customers continue to recognize their high quality project based work, innovative products and high level of service." He further noted, "There is a natural synergy, ambition and an underlying desire to work together in the markets we share – Rail, Automation Solutions and Materials Handling. We are eager to grow our business in the UK and European markets, and we have identified the TEW Group as a perfect partner in achieving our goals."
Sales for TEW Engineering were approximately $16.9 million in 2014. L.B. Foster expects the acquisition to be accretive to earnings in 2015. TEW Engineering will operate as a subsidiary of L.B. Foster Rail Technologies (UK) Ltd., headquartered in Sheffield, UK.
About TEW Engineering Ltd
TEW Engineering Ltd. are leaders in providing application engineering solutions, control panels, mimic diagrams, dynamic displays, passenger information systems and automation solutions for some of the world's leading rail and industrial organizations. The company maintains research and development, sales, technical support and manufacturing operations in Nottingham, UK. Website: www.tewgroup.co.uk
About L.B. Foster Rail Technologies (UK) Ltd.
L.B. Foster Rail Technologies has developed a wide range of proprietary systems and consumables to control friction between the wheel and rail for transit and freight rail applications. These friction management products and performance monitoring systems provide substantial cost benefits by maximizing equipment performance and minimizing wear at the wheel/rail interface. L.B. Foster Rail Technologies (UK) Ltd., is a wholly owned subsidiary of L.B. Foster Company.
About L.B. Foster Company
L.B. Foster Company is a leading manufacturer, fabricator and distributor of products and services for the rail, construction, energy and utility markets with locations in North America and Europe. Please visit our Website: www.lbfoster.com.
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412.928.5645 email@example.comL.B. Foster Company