L.B. Foster Company Announces Facility Shutdown
L.B. Foster Company (Nasdaq: FSTR) announced today that CXT Inc.'s Grand Island manufacturing plant will be closed.
According to Stan Hasselbusch, President and CEO, "The contract that we have with our key customer at this facility, the Union Pacific Railroad, expired on December 31, 2010. They have opted not to exercise their right to extend this contract. As a result, we will be winding down operations at this facility through the year with an expected third quarter closure."
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