L.B. Foster enters cooperation agreement with 22NW, nominates Jones for board

L.B. Foster Company announced that, pursuant to the Cooperation Agreement dated January 25, 2024 between the company and 22NW, LP, the company’s largest shareholder, and certain affiliated persons thereof, the company will nominate Mr. Alexander Jones for election to its eight-member Board of Directors at the 2024 Annual Meeting of Shareholders. Mr. Jones will fill the vacancy created by the retirement of Mr. Dirk Junge who cannot stand for reelection to the L.B. Foster Board under the terms of the Company’s Corporate Governance Guidelines. Mr. Jones has served as a Board Observer at the company since April of 2023 pursuant to a prior Cooperation Agreement dated April 6, 2023, that the Company entered into with 22NW, LP and certain affiliated persons thereof. Mr. Jones is a Vice President and Senior Research Analyst at 22NW, LP, where he oversees the firm’s investments in the industrials, materials, and consumer sectors. Mr. Jones will continue in his role as a Board Observer through the 2024 Annual Meeting. Pursuant to the Cooperation Agreement, L.B. Foster and 22NW have also agreed to customary standstill, voting, confidentiality, and other provisions.