JD Fields Acquires Steel Piling Business
By Metal Center News Staff
on Sep 28, 2021
JD Fields & Company has acquired the steel piling products line of business from L.B. Foster Company. The transaction was for an estimated $24 million.
The asset sale includes all inventory held by the company associated with the line of business, as well as the related fixed assets, including its Petersburg, Va., facility.
"We are pleased with the results of the transaction, which will help us improve shareholder value by allocating capital to businesses with better growth and profitability outlooks. Our piling products business model was working-capital intensive and presented constraints on our ability to increase profit margins. We are confident that we can redeploy this capital in a way that will achieve better returns and further strengthen businesses in our portfolio that have more robust growth opportunities,” said LB Foster John Kasel president and CEO.
The Piling Products division produced revenues of approximately $43 million for the six months ended June 30, 2021, and $59 million for the twelve months ended December 31, 2020.
Houston-based JD Fields and Company is a producer of line pipe and steel piling products to customers around the world.