Photo Release -- L.B. Foster to Acquire Pipeline Equipment Manufacturer Chemtec Energy Services
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A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=29838
"The addition of Chemtec Energy Services to L.B. Foster's expanding energy group offers new markets within our existing customer base and adds exciting growth potential," said Robert Bauer, L.B. Foster President and Chief Executive Officer. Mr. Bauer further noted, "Chemtec is building on 5 years of significant growth as customers continue to recognize their quality products and high level of service."
Chemtec's professional relationships with end users and contractors bring significant opportunities for L.B. Foster to increase turnkey services, strengthen market reach, and expand into midstream and upstream oil and gas operations. The Houston-area company has unique expertise in applying flow technologies for measurement and custody transfer applications. Chemtec's knowledge of regulations and safety requirements are critical to industry operators.
Sales for the company in 2014 will be approximately
About Chemtec Energy Services
Chemtec has been supplying blending, injection and custody transfer metering skids and services to oil and gas customers since 1999. The company currently maintains a team of approximately 100 employees and a 48,000 SQ FT facility at their headquarters north of Houston. Website: www.chemtecenergy.com
About
This release may contain forward-looking statements that involve risks and uncertainties. Statements that do not relate strictly to historical or current facts are forward-looking. When we use the words "believe," "intend," "expect," "may," "should," "anticipate," "could," "estimate," "plan," "predict," "project," or their negatives, or other similar expressions, the statements which include those words are usually forward-looking statements. Actual results could differ materially from the results anticipated in any forward-looking statement. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The Company has based these forward-looking statements on current expectations and assumptions about future events. 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 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, an economic slowdown in the markets we serve; the risk of doing business in international markets; our ability to effectuate our strategy including evaluating of potential opportunities such as strategic acquisitions, joint ventures, and other initiatives, and our ability to effectively integrate new businesses and realize anticipated benefits; a decrease in freight or passenger rail traffic; a lack of state or federal funding for new infrastructure projects; increased regulation including conflict minerals; an increase in manufacturing or material costs; the ultimate number of concrete ties that will have to be replaced pursuant to the previously disclosed product warranty claim of the
The photo is also available at Newscom, www.newscom.com, and via AP PhotoExpress.
CONTACT: L.B. Foster Company Media Contact:
Jake Fuellhart, Marketing Communications Manager,
Corporate Marketing
412.928.5645 jfuellhart@lbfoster.com