February 18, 2010 (FinancialWire) — L. B. Foster Company (NASDAQ: FSTR) and Portec Rail Products, Inc. (NASDAQ: PRPX) said they have signed an agreement and plan of merger under which L. B. Foster will make a cash tender offer to acquire all of Portec’s outstanding shares of common stock for $11.71 per share.

Pittsburgh-based Portec serves both domestic and international rail markets by manufacturing, supplying and distributing a range of rail products, rail anchors, rail spikes, railway friction management products and systems, rail joints, railway wayside data collection and data management systems and freight car securement systems.

The company also manufactures material handling equipment for industries outside the rail transportation sector through its United Kingdom operation.

Stan Hasselbusch, L . B. Foster’s president and chief executive officer said that the addition of Portec will complement his firm’s existing line of products and furthers its strategic initiative of becoming a provider of products and services below the wheel for Class 1, transit, shortline and regional railroads and contractors in North America, as well as to governmental agencies and rail contractors globally.

L. B. Foster, which is also based in Pittsburgh, is a manufacturer, fabricator and distributor of products and services for the rail, construction, energy, utility and recreation markets with around 30 locations throughout the United States.

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