L.B Foster announces acquisition of TEW Engineering Ltd05/02/2015
Pittsburgh based UK firm L.B. Foster announced the acquisition of TEW Engineering Ltd. of Nottingham UK, a distinctive and vibrant Application Engineering Group that designs, manufactures and supports applications for rail markets and other major industries. The 100 year old firm specialises in rail engineering solutions for control room, passenger information and trackside signalling applications.
“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 John Kasel, Senior Vice President, L.B. Foster Rail Business. “The addition of the TEW engineering team enhances our unique product application and automation solution capabilities.”
Peter Jones, Managing Director of L.B. Foster Rail Technologies (UK) Ltd. added, “The TEW Group is building on 5 years of significant growth as customers continue to recognise their high quality project based in work, innovative products and high level of service.” He further noted, “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 UK 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 (UK) Ltd., headquartered in Sheffield, UK.