Foster Buys Bridge Operation

Foster Buys Bridge Operation

Rail and construction industry supplier L.B. Foster bought key bridge-building assets of Interlocking Deck Systems International for nearly $7 million.

Foster, based in Pittsburgh, said in a filing this week with the Securities and Exchange Commission that it bought IDSI’s factory in Pittsburgh on March 23, along with some other assets including raw materials, equipment, designs and computer programs.

IDSI had a steel grid deck division operating there that built and marketed its welded and weldless steel bridge decking and related products.

That complements part of Foster’s product line, which ranges from new rail tracks and a host of other railroad products to bridge steel supports or related materials that have been used in the Panama Canal, Brooklyn Bridge and New Orleans flood walls.

Foster said it paid IDSI $5.02 million March 23, will pay another $1 million on the first anniversary and the remaining $950,000 on the second anniversary of the deal’s closing.

That makes the second purchase agreement by Foster this year. It has a pending deal to buy Portec Rail Products, also of Pittsburgh, for $112 million. That agreement is going through a federal antitrust review, in which authorities recently made a second formal request for information and documents relating to their planned merger.

Contact John D. Boyd at jboyd@joc.com.