A letter to our shareholders from President & CEO John Kasel
In 1902, L.B. Foster Company started as a pioneer in the circular economy. Our initial business recycled used rail track from urban transit systems and abandoned or replaced railroads, and then repurposed them to supply local mines, logging camps, and quarries. At the time, truck transportation was limited, so permanent and temporary rail spurs were needed to deliver basic resources.
For more than 120 years we have solidified our standing in the rail industry while diversifying into other infrastructure-related markets, and we continue a journey towards next-level performance and growth. As L.B. Foster Company cements its status as a technology-focused global solutions provider of engineered, manufactured products and services that builds and supports critical infrastructure, we must also demonstrate our operation’s interconnectivity with the environment, society, and the economy.
We are committed to being a good corporate and community citizen and take both roles seriously. We know that our success is measured not only by our financial performance, but also by our ability to do what is right, today and in the future. We have disclosed high-level sustainability activities in our Annual Report on Form 10-K and Proxy Statement and also throughout our Company website. However, we recognize the compilation of this information will serve our communication efforts more efficiently. And with that, I deliver our first disclosure of sustainability practices.
Governance
Our corporate governance structure is disclosed in our Annual Reports and Proxy Statements. Specifically pertaining to corporate responsibility, the Board is responsible for the oversight and monitoring of management’s assessment of major risks and strategy for risk management, including performing periodic reviews of the Company’s environmental and safety programs and practices, Corporate Governance Guidelines, and Legal and Ethical Conduct Policy. The Board is regularly briefed on such matters and visits Company operations at least annually.
Read more about Corporate Governance at L.B. Foster:
- Ethics
- Human Rights
- Conflict Materials
- Cybersecurity
Manufacturing Capital
L.B. Foster Company is a technology-focused global solutions provider of engineered, manufactured products and services that builds and supports infrastructure. Our organization’s activities can be found in various Standard Industry Classifications such as Concrete (32739), Steel Manufacturing from Purchased Steel (3312), Metal Coating (332812), Fabricated Metal Product Manufacturing (332999), Other Fabricated Metal Product Manufacturing, Electrical Contractors and Other Wiring Installation Contractors (23821).
- Manufacturing Footprint
- Quality
- Continuous Improvement
- Supply Chain Partners
- Recognition
“CI is our overall approach to improving performance across the enterprise. It becomes a philosophy of continuous improvement with a playbook for driving efficiency and quality, and streamlining processes that take service levels to new heights.”
Continuous Improvement Manager
“We are extremely proud to announce that all LBF manufacturing locations now have Quality Management Systems that are certified to ISO9001 and/or industry-specific quality standards such as PCI, NPCA, and AAR M-1003.”
VP, Operational Administration
Natural Capital
L.B. Foster Company’s Environmental, Health, and Safety (“EHS”) policy sets the expectations under which we manufacture, market, and distribute products in a manner that protects our employees, business, community, customers, and the environment.
Our physical manufacturing footprint, as well as sales, service, and delivery vehicles contribute to our environmental and carbon footprint, which is based on the following:
- Fuels we consume in production, heating our plants and buildings, and mobilizing our fleet of sales, delivery, and service vehicles;
- Electricity we draw from the local utility energy grid;
- Air emissions from our production facilities;
- Water we withdraw and discharge from facility operations; and
- Waste generated by and disposed from facility operations
Human Capital
Since 1902, we have been providing superior products and services to our customers. That same level of commitment extends to our employees, who experience firsthand a culture of respect, value, and pride in the accomplishments we achieve together as an organization. The Company strives to create and promote a culture that makes L.B. Foster a wonderful place to work. It is not just about “what” you do every day, but “how” you do it. The expectation of every employee across the globe is to not only execute our business strategy, but to do so in a manner that adheres to our core values displayed in our SPIRIT model. We use these six principles to guide us every day.
- Health and Safety
- Employee Demographics
- Workplace Diversity
- Employee Benefits
- Talent Management
- Performance Management
- Recognition
Intellectual Capital
We are pioneering new advances in technologies, products, and services that define L.B. Foster Company as a solutions leader in our served markets. We specialize in supplying a unique combination of products and solutions to transportation and infrastructure industries. Our innovative engineering and product development solutions inspire safety, reliability, and performance.
- Investment in Technology
- New Product Development
- Products Having Sustainability Benefit
- Trademarks
- Acquisitions
Director of Technology“Specific to rail technologies, we have leading R&D and engineering centers.Our laboratories, test equipment, and protocols are aligned with industry and ISO standards to facilitate product development and testing.Our technology and product development teams work with an array of external collaborators from academic institutions to supply chain partners.”
Social and Relationship Capital
L.B. Foster understands the importance of our many social relationships and interactions. Our social connections influence our business success, employees, and the communities where we live and work. We expect our Company and employees to have a meaningful and positive impact on our stakeholders.
- Stakeholder Engagement
- Employees
- Suppliers
- Customers
- Investors & Analysts
- Community Engagement
- Local Economic Contribution
In June 2022, L.B. Foster opened its doors to more than 80 representatives from 20 Countries in the global rail industry at our Pueblo, CO, plant outside of Denver.
Delegates were attendees of the 14th International Level Crossing Awareness Day (ILCAD). showcase Grade Crossing Technology and other Total Track Monitoring products that improve rail safety. A series of demonstration stations were created around the Pueblo plant, including anti-trespass panels, Wheel Impact Load Detection (WILD) Mk-IV, and an immersive Rockfall Monitoring experience.
