PITTSBURGH, March 13, 2015 (GLOBE NEWSWIRE) -- Pittsburgh, PA-based L.B. Foster Company (Nasdaq:FSTR) today announced the acquisition of Inspection Oilfield Services (IOS), a Houston-based leader in non-destructive testing and inspection services for tubular products used in critical oil and gas applications. The company has implemented market-leading testing and inspection technologies, as well as developed software that provides customers with detailed information on the integrity of their tubular assets.
Asset integrity services are designed to help customers achieve high levels of safety and document vital information that supports rigid industry standards. Inspection Oilfield Services also provides conversion services for tubular products that range from premium threading of casing, refacing and hard-banding for drill pipe, as well as cleaning and other repair services for Oil Country Tubular Goods (OCTG). These services are often combined with IOS non-destructive test and inspection services.
IOS has locations throughout the U.S. and is ideally positioned to support customers with a national footprint that includes all growing regions of oil and gas development. "The company has a team of highly skilled technicians and management that understand the requirements of oil and gas development customers. IOS is uniquely positioned to help these customers reduce costs in an environment where efficiency is becoming increasingly important," said Robert Bauer, L.B. Foster President and Chief Executive Officer. "By combining inspection, testing, conversion and logistics services, in conjunction with specialized distribution partners across many locations, the company can leverage its assets to help lower operating costs for customers with wide ranging needs."
"Our team will benefit from L.B. Foster's experience with pipeline coatings and tubular products," commented Dal Miller, Inspection Oilfield Services President. "Going forward, our combined organizations will provide a strong platform to achieve organic and inorganic growth objectives." Mr. Miller will be a key member of the L.B. Foster management team and brings extensive experience to this position.
IOS sales in 2014 were approximately $120 million. L.B. Foster expects the acquisition to be accretive to earnings in 2015. The company will operate as a wholly-owned subsidiary of L.B. Foster Company.
About L.B. Foster Company
L.B. Foster 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
About Inspection Oilfield Services (IOS)
Inspection Oilfield Services (IOS) is the leading independent provider of tubular management services with operations in every significant oil and gas producing region in the continental United States. The company currently maintains a team of approximately 600 employees and provides non-destructive testing and inspection, advanced asset integrity management, and tubular conversion services from their headquarters in Houston, Texas and 19 service centers located throughout the U.S. Website: www.iosinspection.com
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