PITTSBURGH, March 04, 2021 (GLOBE NEWSWIRE) -- L.B. Foster Company (the “Company”) (NASDAQ: FSTR) is pleased to announce the promotions of Gregory (Greg) W. Lippard, the Company’s Vice President of Rail Technologies & Services, to Senior Vice President, Rail Technologies & Services, and William (Bill) F. Treacy, the Company’s Vice President of Infrastructure Solutions, to Senior Vice President, Infrastructure Solutions, each effective immediately.
The promotions of Lippard and Treacy, which follow L.B. Foster’s recent realignment of its business segment structure last month, will report directly to John F. Kasel, Senior Vice President and Chief Operating Officer.
To better align the Company’s competencies to changing market dynamics, a recent reorganization was completed which consolidated the Company’s reporting segments into two: Rail Technologies & Services and Infrastructure Solutions. The Company believes this structure will effectively support its growth opportunities and leverage rebounding markets.
As the new Senior Vice President of Rail Technologies & Services, Mr. Lippard will continue to lead the Company’s rail businesses with responsibility for sales, strategy, and business development activities, and will also oversee development and engineering for existing and new rail technology solutions. A 28-year veteran of L.B. Foster, Mr. Lippard has deep experience in the rail business and an intimate knowledge of global rail markets, both of which have been integral to the Company’s global market leadership.
Rail Technologies & Services is a business segment which provides advanced technology solutions that support new products and services to deliver real benefits to customers with improved efficiency, reduced disruptions, improved passenger comfort and information, and enhanced safety.
As the new Senior Vice President of Infrastructure Solutions, Mr. Treacy will continue to lead the Company’s diverse set of infrastructure businesses with a focus on creating scale around the most attractive markets and products.
Infrastructure Solutions is a business segment with made-to-order solutions that support projects for transportation, heavy civil, commercial, and residential infrastructure. Projects vary widely from highways, bridges, ports, waterways, storm water, levees, buildings, utility services, and pipelines.
Commenting on the promotions, L.B. Foster President and CEO Robert Bauer said, "Both Greg and Bill are proven leaders who have played significant roles in L.B. Foster’s ongoing strategic initiatives. They will each set high standards for their management teams that are excited about the opportunities that lie ahead, and capable of driving continuous improvement."
About L.B. Foster Company
L.B. Foster Company (the “Company”) (NASDAQ: FSTR), and its subsidiaries provide products and services for the rail industry, and solutions to support critical infrastructure projects. Our innovative engineering and product development solutions inspire the safety, reliability, and performance of our customer’s challenging requirements. The Company maintains locations in North America, Europe, and Asia. For more information, please visit www.lbfoster.com.
This release may contain forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements include any statement that does not directly relate to any historical or current fact. Sentences containing words such as “believe,” “intend,” “plan,” “may,” “expect,” “should,” “could,” “anticipate,” “estimate,” “predict,” “project,” or their negatives, or other similar expressions of a future or forward-looking nature generally should be considered forward-looking statements. Forward-looking statements in this release are based on management's current expectations and assumptions about future events that involve inherent risks and uncertainties and may concern, among other things, L.B. Foster Company’s (the “Company’s”) expectations relating to our strategy, goals, projections, and plans regarding our financial position, liquidity, capital resources, and results of operations and decisions regarding our strategic growth initiatives, market position, and product development. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. The Company cautions readers that various factors could cause the actual results of the Company to differ materially from those indicated by forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Among the factors that could cause the actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties related to: the COVID-19 pandemic, and any future global health crises, and the related social, regulatory, and economic impacts and the response thereto by the Company, our employees, our customers, and national, state, or local governments; a continued deterioration in the prices of oil and natural gas and the related impact on the upstream and midstream energy markets; a continuation or worsening of the adverse economic conditions in the markets we serve, whether as a result of the current COVID-19 pandemic, including its impact on travel and demand for oil and gas, the continued deterioration in the prices for oil and gas, governmental travel restrictions, project delays, and budget shortfalls, or otherwise; volatility in the global capital markets, including interest rate fluctuations, which could adversely affect our ability to access the capital markets on terms that are favorable to us; restrictions on our ability to draw on our credit agreement, including as a result of any future inability to comply with restrictive covenants contained therein; a continuing decrease in freight or transit rail traffic, including as a result of the COVID-19 pandemic; environmental matters, including any costs associated with any remediation and monitoring; the risk of doing business in international markets, including compliance with anti-corruption and bribery laws, foreign currency fluctuations and inflation, and trade restrictions or embargoes; our ability to effectuate our strategy, including cost reduction initiatives, and our ability to effectively integrate acquired businesses or to divest businesses, such as the recent disposition of the IOS Test and Inspection Services business and acquisition of LarKen Precast, LLC and to realize anticipated benefits; costs of and impacts associated with shareholder activism; continued customer restrictions regarding the on-site presence of third party providers due to the COVID-19 pandemic; the timeliness and availability of materials from our major suppliers, including any continuation or worsening of the disruptions in the supply chain experienced as a result of the COVID-19 pandemic, as well as the impact on our access to supplies of customer preferences as to the origin of such supplies, such as customers’ concerns about conflict minerals; labor disputes; cyber-security risks such as data security breaches, malware, ransomware, “hacking,” and identity theft, which could disrupt our business and may result in misuse or misappropriation of confidential or proprietary information, and could result in the disruption or damage to our systems, increased costs and losses, or an adverse effect to our reputation; the continuing effective implementation of an enterprise resource planning system; changes in current accounting estimates and their ultimate outcomes; the adequacy of internal and external sources of funds to meet financing needs, including our ability to negotiate any additional necessary amendments to our credit agreement or the terms of any new credit agreement, and reforms regarding the use of LIBOR as a benchmark for establishing applicable interest rates; the Company’s ability to manage its working capital requirements and indebtedness; domestic and international taxes, including estimates that may impact taxes; domestic and foreign government regulations, including tariffs; economic conditions and regulatory changes caused by the United Kingdom’s exit from the European Union; a lack of state or federal funding for new infrastructure projects; an increase in manufacturing or material costs; the loss of future revenues from current customers; and risks inherent in litigation and the outcome of litigation and product warranty claims. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward-looking statements prove incorrect, actual outcomes could vary materially from those indicated. Significant risks and uncertainties that may affect the operations, performance, and results of the Company’s business and forward-looking statements include, but are not limited to, those set forth under Item 1A, “Risk Factors,” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2019, or as updated and amended by our other periodic filings with the Securities and Exchange Commission.
The forward-looking statements in this release are made as of the date of this release and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by the federal securities laws.
Investor Relations:
Stephanie Listwak
(412) 928-3417
investors@lbfoster.com
L.B. Foster Company
415 Holiday Drive
Suite 100
Pittsburgh, PA 15220