Pittsburgh Business Times reported that Green Tree based LB Foster Co has purchased steel bridge business of Lawrenceville based Interlocking Deck Systems International for USD 6.97 million.
According to Interlocking Deck Systems' Web site, all sales and customer service questions for the steel grid decking business are being sent to LB Foster.
It may be noted that LB Foster had been in discussions with Interlocking Deck Systems on and off since 2005. The company bought the steel grid decking assets as part of its construction segment
Mr Don Foster SVP of construction for LB Foster said that LB Foster has its own steel grid decking plant in Bedford.
If needed the acquisition includes the possibility that LB Foster could lease space at Interlocking Deck System's facility if that capacity is needed to meet demand.
This is the second acquisition this year by LB Foster. In February 2010, the company announced a tender offer to acquire all outstanding shares of Portec Rail Products Inc for USD 11.71 per share. That deal is still pending after some shareholders have filed suit in West Virginia alleging that Portec officials breached fiduciary duties related to the offer and the Antitrust Division of the Department of Justice has requested additional information about the merger. The tender offer has been extended until midnight April 26th 2010.