LB Foster Company, a Pittsburgh-based manufacturing company based in Pennysylvania, USA, announced that it plans to complete the sale of the railway unit by the end of the second quarter. LB Foster acquired the shipping company after purchasing Portec Rail Products, Inc. in 2010. The company announced that the companies operating in other sectors would be a more strategic choice for the unit, and that the railway unit has a higher growth potential with another company.
The unit with two facilities in Illionis, Chicago and West Virginia, Kenova has a total of 35 employees. Within the railway unit, chain systems such as chains, cables and bands are produced for use in railway shipments. LB Foster plans to make a detailed statement on the issue once the sale is complete.
Source : www.steelorbis.com.t is