“The addition of the TEW Group to L.B. Foster provides an ideal platform for L.B. Foster’s further expansion into international rail markets,” said L.B. Foster Rail Business Senior Vice President John Kasel. “The addition of the TEW engineering team enhances our unique product application and automation solutions capabilities.”
“TEW is building on five years of significant growth as customers continue to recognize its high quality project based work, innovative products, and high level of service,” said L.B. Foster Rail Technologies (UK) Ltd. Managing Director Peter Jones. “There is a natural synergy, ambition, and an underlying desire to work together in the markets we share: Rail, Automation Solutions, and Materials Handling. We are eager to grow our business in the U.K. and European markets, and we have identified the TEW Group as a perfect partner in achieving our goals.”
Sales for TEW Engineering were approximately $16.9 million in 2014. L.B. Foster expects the acquisition to be accretive to earnings in 2015. TEW Engineering will operate as a subsidiary of L.B. Foster Rail Technologies (U.K.) Ltd., headquartered in Sheffield, U.K.