L.B. Foster acquires Inspection Oilfield Services

L.B. Foster Co. (Nasdaq: FSTR) has acquired Inspection Oilfield Services (IOS), a Houston-based company that provides nondestructive testing and inspection services for tubular products used in critical oil and gas applications. IOS has implemented testing and inspection technologies, as well as developed software that provides customers with detailed information on the integrity of their tubular assets.

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 nondestructive test and inspection services.

IOS has locations throughout the US, and its sales in 2014 were approximately $120 million. IOS will operate as a wholly owned subsidiary of L.B. Foster Co., which is a manufacturer, fabricator, and distributor of products and services for the rail, construction, energy, and utility markets, with locations in North America and Europe.

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