L.B. Foster Co., which provides services and products for rail, construction and energy markets, said Monday its board approved the repurchase of up to $25 million of its common stock.
Based on the company's Friday closing price of $31.02, the buyback represents about 7.3 percent of L.B. Foster's outstanding shares. The company has about 11 million shares outstanding as of April 25, according to its most recent quarterly report.
The buyback is scheduled to expire on June 30, 2010.
L.B. Foster shares rose $1.88, or 6.1 percent, to $32.90 in afternoon trading.
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