Pittsburgh, Pennsylvania-based diversified manufacturer L.B. Foster Company announced Monday the completion of the sale of its railway securement business to Holland, L.P. Holland, L.P., headquartered in Crete, Illinois, is a diversified supplier of contract services and products for both the Mechanical and Maintenance of Way departments within the railroad and transportation industry. L.B. Foster acquired the shipping systems division as part of its acquisition of Portec Rail Products, Inc. in December 2010.
Commenting on the announcement, L.B. Foster President and Chief Executive Officer, Robert Bauer, stated, "The sale of the railway securement business will place it with a company that has a better strategic fit and can unlock the full potential of the business. In the long run, this will be a benefit to the company's customers and its employees."