Federal Signal

American multinational conglomerate 3M has completed the acquisition of Federal Signal Technologies (FSTech) in an all-cash deal of $110m.

FSTech, a division of global company Federal Signal, is an electronic toll collection and parking management hardware and software service.

Federal Signal expects to immediately repay $75m of outstanding debts with proceeds from the transaction.

According to 3M, FSTech’s solutions complement its products and services offered to the Department of Transportation, the Department of Motor Vehicles, toll authorities, public safety agencies and parking operators.

3M Traffic Safety Systems division vice president and general manager John Houle said that the deal allows the company to address some of the most pressing safety and mobility issues faced by the present day motorists.

"FSTech, a division of global company Federal Signal, is an electronic toll collection and parking management hardware and software service."

"By combining 3M and FSTech products we can create leading solutions for the parking, toll and public safety industry to help improve the safety, mobility and efficiency of road users," Houle added.

The Traffic Safety Systems division provides materials, systems and services that help to enhance the driving conditions of motorists.

FSTech, which currently employs around 500 people, has major facilities in Arizona, California, Illinois, Michigan, Missouri, North Carolina, Tennessee and Texas.

It also has facilities in various countries outside the US, including Hong Kong, Dubai and the UK.

Founded in 1901 and headquartered in Oak Brook, Illinois, Federal Signal is a global manufacturer of products and total solutions that cater to municipal, governmental, industrial and institutional customers.

It has manufacturing facilities across the globe, and operates three groups: Safety and Security Systems, Environmental Solutions, and Fire Rescue.

Image: Federal Signal expects to immediately repay $75m of outstanding debt with the proceeds of Federal Signal Technologies sale. Photo: courtesy of PRNewsFoto/Federal Signal Corporation.