<SEC-DOCUMENT>0001193125-15-091215.txt : 20150313
<SEC-HEADER>0001193125-15-091215.hdr.sgml : 20150313
<ACCEPTANCE-DATETIME>20150313161552
ACCESSION NUMBER:		0001193125-15-091215
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150313
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150313
DATE AS OF CHANGE:		20150313

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FOSTER L B CO
		CENTRAL INDEX KEY:			0000352825
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-METALS SERVICE CENTERS & OFFICES [5051]
		IRS NUMBER:				251324733
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-10436
		FILM NUMBER:		15699538

	BUSINESS ADDRESS:	
		STREET 1:		415 HOLIDAY DR
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15220
		BUSINESS PHONE:		4129283431

	MAIL ADDRESS:	
		STREET 1:		415 HOLIDAY DR
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15220
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d891342d8k.htm
<DESCRIPTION>8-K
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<TITLE>8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section 13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of The Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of Earliest Event Reported): March&nbsp;13, 2015 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>L.B. Foster Company </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in its Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Pennsylvania</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>000-10436</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>25-1324733</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Incorporation)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>415 Holiday Drive</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pittsburgh, Pennsylvania</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>15220</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(Address of Principal Executive Offices)</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (412)&nbsp;928-3400 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former Name or Former Address, if Changed Since Last Report) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;1.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Entry into a Material Definitive Agreement. </B></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;2.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Completion of Acquisition or Disposition of Assets. </B></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;2.03</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;13, 2015, L.B. Foster (&#147;the Company&#148;), its domestic subsidiaries, and certain of its Canadian subsidiaries entered into
an amended and restated $335,000,000 Revolving Credit Facility Credit Agreement (&#147;Amended Credit Agreement&#148;) with PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust
Company. This Amended Credit Agreement modifies the prior revolving credit facility which had a maximum credit line of $200,000,000. The Amended Credit Agreement provides for a five-year, unsecured revolving credit facility that permits borrowings
up $335,000,000 for the U.S. borrowers and a sublimit of the equivalent of $25,000,000 U.S. dollars that is available to the Canadian borrowers. The Amended Credit Agreement&#146;s accordion feature permits the Company to increase the available
revolving borrowings under the facility by up to an additional $100,000,000 subject to the Company&#146;s receipt of increased commitments from existing or new lenders and to certain conditions being satisfied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Borrowings under the Amended Credit Agreement will bear interest at rates based upon either the base rate or Euro-rate plus applicable margins. Applicable
margins are dictated by the ratio of the Company&#146;s indebtedness less cash on hand to the Company&#146;s consolidated EBITDA, as defined in the underlying Amended Credit Agreement. The base rate is the highest of (a)&nbsp;PNC Bank&#146;s prime
rate, (b)&nbsp;the Federal Funds Rate plus 0.50% or (c)&nbsp;the daily Euro-rate (as defined in the Amended Credit Agreement) plus 1.00%. The base rate and Euro-rate spreads range from 0.00% to 1.50% and 1.00% to 2.50%, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Amended Credit Agreement includes two financial covenants: (a)&nbsp;Leverage Ratio, defined as the Company&#146;s Indebtedness less cash on hand, in
excess of $15,000,000, divided by the Company&#146;s consolidated EBITDA, which must not exceed 3.25 to 1.00 and (b)&nbsp;Minimum Interest Coverage, defined as consolidated EBITDA less Capital Expenditures divided by consolidated interest expense,
which must be no less than 3.00 to 1.00. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Amended Credit Agreement permits the Company to pay dividends, distributions and make redemptions with
respect to its stock provided no event of default or potential default (as defined in the Amended Credit Agreement) has occurred prior to or after giving effect to the dividend, distribution, or redemption. Dividends, distributions, and redemptions
are capped at $25,000,000 per year when funds are drawn on the facility. If no drawings on the facility exist, dividends, distributions, and redemptions in excess of $25,000,000 per year are subjected to a limitation of $75,000,000 in the aggregate.
The $75,000,000 aggregate limitation also permits certain loans, investments, and acquisitions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Other restrictions exist at all times including, but not
limited to, limitation of the Company&#146;s sale of assets, other indebtedness incurred by either the borrowers or the non-borrower subsidiaries of the Company, guarantees, and liens. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Also on March&nbsp;13, 2015, the Company and its wholly-owned subsidiary, L. B. Foster Raven Merger Company
(&#147;Merger Sub&#148;) entered into an Agreement and Plan of Merger (the &#147;Merger Agreement&#148;) with IOS Holdings Inc., a Delaware corporation (&#147;IOS&#148;) and IOS Holding Company LLC, solely in its capacity as the representative of
IOS&#146;s shareholders. The Merger Agreement provided for IOS to be merged into Merger Sub, with IOS as the surviving entity, resulting in IOS becoming a wholly-owned subsidiary of the Company. The parties closed the Merger Agreement on the same
date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Merger Agreement provided for the payment of cash at closing equal to the base consideration of $170,000,000 plus cash acquired, and further
subject to certain adjustments, including a working capital adjustment. An amount equal to $7,600,000 of the purchase price was deposited in an escrow account in order to cover breaches of representations and warranties by sellers, any working
capital adjustments owed to the Company and other specified contingent liabilities. The payment is subject to a post-closing adjustment related to the estimated indebtedness, cash, working capital and transaction expenses as of the closing date. The
Merger Agreement also contains an earn-out feature. Sellers have the ability to earn up to an additional $60 million dependent upon the acquired business achieving a certain level of EBITDA during the 3-year period beginning on January&nbsp;1, 2015
and ending on December&nbsp;31, 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Merger Agreement also contains customary representations and warranties, covenants and indemnification
obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company funded the full consideration for the acquisition with available funds from the Amended Credit Agreement. IOS Holdings, Inc. and
each of its subsidiaries are required to join the Amended Credit Agreement as Guarantors within 15 days of the acquisition closing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The descriptions set
forth above of the Merger Agreement and the Amended Credit Agreement are summaries only and are not complete, and are subject to and qualified in their entirety by reference to the complete text of the Merger Agreement and Amended Credit Agreement,
respectively, copies of which will be filed by an amendment to this Current Report on Form 8-K. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;7.01&nbsp;&nbsp; Regulation FD Disclosure.
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On March&nbsp;13, 2015, the Company issued a press release announcing the transaction described in Items&nbsp;1.01, 2.01 and 2.03 of this Current
Report on Form 8-K. A copy of the press release is attached hereto as Exhibit 99.1.The information in this Item&nbsp;7.01, including the exhibit, is furnished and shall not be deemed &#147;filed&#148; for purposes of Section&nbsp;18 of the
Securities Exchange Act of 1934, or otherwise subject to liabilities under that section, and shall not be deemed to be incorporated by reference into the filings of L.B. Foster under the Securities Act of 1933, as amended, regardless of any general
incorporation language in such filings. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>(a) Financial Statements of Business Acquired. </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Financial statements required by this Item of this Current Report on Form 8-K with respect to the acquisition described in Item&nbsp;2.01 hereof are not being
filed with this Current Report on Form 8-K. Such financial statements will be filed by amendment to this Current Report on Form 8-K no later than 71 calendar days after the date on which this Current Report on Form 8-K was required to be filed
pursuant to Item&nbsp;2.01. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>(b) Pro Forma Financial Information. </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pro forma financial information required by this Item of this Current Report on Form 8-K with respect to the acquisition described in Item&nbsp;2.01 hereof are
not being filed with this Current Report on Form 8-K. Such pro forma financial information will be filed by amendment to this Current Report on Form 8-K no later than 71 calendar days after the date on which this Current Report on <FONT
STYLE="white-space:nowrap">Form&nbsp;8-K</FONT> was required to be filed pursuant to Item&nbsp;2.01. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>(d)</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Exhibits</I> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Press Release dated March&nbsp;13, 2015.</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SIGNATURE</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">(Registrant)</TD></TR>
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<TD VALIGN="top">Date: March&nbsp;13, 2015</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ David J. Russo</P></TD></TR>
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<TD VALIGN="bottom">David J. Russo</TD></TR>
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<TD VALIGN="bottom">Senior Vice President, Chief Financial Officer,</TD></TR>
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<TD VALIGN="bottom">and Treasurer</TD></TR>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT INDEX </U></B></P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>99.1</TD>
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<TD VALIGN="top">Press Release dated March&nbsp;13, 2015.</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>L.B. Foster Announces Acquisition of Inspection Oilfield Services (IOS) </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Testing and Inspection Services Company Provides Nationwide Footprint for L.B. Foster Energy Services <B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PITTSBURGH, PA, - March&nbsp;13, 2015 -</B> Pittsburgh, PA-based L.B. Foster Company (NASDAQ: FSTR) today announced the acquisition of Inspection Oilfield
Services (IOS), a Houston-based leader in non-destructive testing and inspection services for tubular products used in critical oil and gas applications. The company has implemented market-leading testing and inspection technologies, as well as
developed software that provides customers with detailed information on the integrity of their tubular assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Asset integrity services are designed to
help customers achieve high levels of safety and document vital information that supports rigid industry standards. Inspection Oilfield Services also provides conversion services for tubular products that range from premium threading of casing,
refacing and hard-banding for drill pipe, as well as cleaning and other repair services for Oil Country Tubular Goods (OCTG). These services are often combined with IOS non-destructive test and inspection services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IOS has locations throughout the U.S. and is ideally positioned to support customers with a national footprint that includes all growing regions of oil and
gas development. &#147;The company has a team of highly skilled technicians and management that understand the requirements of oil and gas development customers. IOS is uniquely positioned to help these customers reduce costs in an environment where
efficiency is becoming increasingly important,&#148; said Robert Bauer, L.B. Foster President and Chief Executive Officer. &#147;By combining inspection, testing, conversion and logistics services, in conjunction with specialized distribution
partners across many locations, the company can leverage its assets to help lower operating costs for customers with wide ranging needs.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Our
team will benefit from L.B. Foster&#146;s experience with pipeline coatings and tubular products,&#148; commented Dal Miller, Inspection Oilfield Services President. &#147;Going forward, our combined organizations will provide a strong platform to
achieve organic and inorganic growth objectives.&#148; Mr.&nbsp;Miller will be a key member of the L.B. Foster management team and brings extensive experience to this position. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IOS sales in 2014 were approximately $120 million. L.B. Foster expects the acquisition to be accretive to earnings in 2015. The company will operate as a
wholly-owned subsidiary of L.B. Foster Company. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About L.B. Foster Company </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">L.B. Foster is a leading manufacturer, fabricator and distributor of products and services for the rail, construction, energy, and utility markets with
locations in North America and Europe. Please visit our website: <U>www.lbfoster.com </U> </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Inspection Oilfield Services (IOS) </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Inspection Oilfield Services (IOS) is the leading independent provider of tubular management services with operations in every significant oil and gas
producing region in the continental United States. The company currently maintains a team of approximately 600 employees and provides non-destructive testing and inspection, advanced asset integrity management, and tubular conversion services from
their headquarters in Houston, Texas and 19 service centers located throughout the U.S. Website: <U>www.iosinspection.com </U> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>L.B. Foster Company
Media Contact: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jake Fuellhart, Marketing Communications Manager, Corporate Marketing 412.928.5645 <U>jfuellhart@lbfoster.com </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>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 &#147;believe,&#148; &#147;intend,&#148; &#147;expect,&#148; &#147;may,&#148; &#147;should,&#148; &#147;anticipate,&#148; &#147;could,&#148; &#147;estimate,&#148; &#147;plan,&#148;
&#147;predict,&#148; &#147;project,&#148; 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&#146;s control. The risks and uncertainties that may affect the operations, performance and results of the Company&#146;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; the timeliness and availability of material from our major suppliers; sustained declines in
energy prices; 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 Union Pacific Railroad and an overall resolution of the related contract claims as well as the outcome of the lawsuit filed by the UPRR; risks inherent in litigation and those
matters set forth in Item&nbsp;8, Footnote 20, &#147;Commitments and Contingent Liabilities&#148; and in Item&nbsp;1A, &#147;Risk Factors&#148; of the Company&#146;s Form 10-K for the year ended December&nbsp;31, 2014 and reports on Form 10-Q
thereafter. The Company urges all interested parties to read these reports to gain a better understanding of the many business and other risks that the Company faces. The forward-looking statements contained in this press release are made only as of
the date hereof, and the Company assumes no obligation and does not intend to update or revise these statements, whether as a result of new information, future events or otherwise, except as required by securities laws. </I></P>
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