L.B. Foster Co., Pittsburgh, Penn., (Nasdaq: FSTR), Covington, Ky.-based Lally Pipe & Tube and private investor Jim Legg have formed LB Pipe & Coupling Products LLC.
The new joint venture, which will be based in Magnolia, Texas, will manufacture couplings and accessories for the water well, oil country tubular goods and American Petroleum Institute markets. A manufacturing facility currently under construction is scheduled to be operational in January 2010.
LB Pipe & Coupling will install the latest technology available to manufacture high-quality precision couplings, according to Merry Brumbaugh, L.B. Foster vice president, tubular products. "L.B. Foster is pleased to team with Lally in building this exciting joint venture. This will be the beginning of developing new opportunities in the future."
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