InterOcean Advisors is pleased to announce the successful sale of Precise Structural Products (“Precise Structural”), a business unit of L.B. Foster Company (NasdaqGS:FSTR), to Cianbro Fabrication and Coating Corporation (“Cianbro”), a provider of heavy industrial, civil construction and construction management services based in Pittsfield, Maine. InterOcean served as the exclusive financial advisor to L.B. Foster Company.
“We are pleased for our employees, customers and community that Cianbro Fabrication and Coating Corporation, a respected name in the industry, will be operating Precise Structural in the future. This sale, coupled with our 2010 purchase of the Interlocking Deck System, positively addresses the L.B. Foster Company portfolio strategy and will allow us to concentrate on our industry leading position in the bridge market with our fabricated steel grid decking solutions.”Don Foster, Senior Vice President of Construction Products at L.B. Foster CompanyPrecise Structural is engaged in manufacturing fabricated steel products for the highway, bridge, transit and construction markets. Precise Structural provides custom fabrication and related services including welding, sawing, cambering, blasting and painting. Precise Structural is headquartered in Georgetown, Massachusetts.
“This transaction is truly a win-win for L.B. Foster Company and Cianbro. It provides Cianbro with a fabrication facility strategically located between New York City and Boston and allows Cianbro to expand its product line to include “stringer bridges”, and it enables L.B. Foster to focus on its market-leading line of construction products”, stated Bob Wujtowicz, a Managing Director at InterOcean.