This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Federal Signal Corporation Completes Sale Of Federal Signal Technologies Group To 3M For $110 Million

OAK BROOK, Ill., Sept. 4, 2012 /PRNewswire/ -- Federal Signal Corporation (NYSE: FSS) announced today that it has completed the sale of its Federal Signal Technologies Group ("FSTech") business to 3M Company (NYSE: MMM) for $110 million in cash, subject to working capital adjustments in favor of 3M of approximately $6 million. $22 million of the proceeds will be deposited into escrow to secure Federal Signal's indemnification obligations to 3M post-closing.  The transaction will allow the Company to take advantage of certain provisions in its debt agreements which permit prepayment without penalty.  The company will immediately repay $75 million of outstanding debt with proceeds from the transaction.

(Logo: http://photos.prnewswire.com/prnh/20120420/CG91760LOGO)

Dennis Martin, Federal Signal's president and chief executive officer stated, "I would like to thank all of the talented employees of FSTech for their innovative contributions and leadership in the intelligent transportation industry.  I am confident that the partnership between FSTech and 3M will be a mutually rewarding one."  As for the impact of the sale on Federal Signal, Mr. Martin stated, "The timing of the transaction provides us with a valuable opportunity to prepay debt at par, and to refinance the balance of remaining indebtedness in February of 2013.  In addition to positively transforming our balance sheet, the sale will allow us to concentrate our focus on profitable growth in our core businesses of industrial and municipal equipment and safety and security solutions."

Jefferies & Co., Inc. advised Federal Signal on the transaction, and Thompson Coburn LLP served as Federal Signal's legal counsel.



About Federal Signal

Federal Signal Corporation (NYSE: FSS) enhances the safety, security and well-being of communities and workplaces around the world. Founded in 1901, Federal Signal is a leading global designer and manufacturer of products and total solutions that serve municipal, governmental, industrial and institutional customers. Headquartered in Oak Brook, Ill., with manufacturing facilities worldwide, the company operates three groups: Safety and Security Systems, Environmental Solutions, and Fire Rescue. For more information on Federal Signal, visit: http://www.federalsignal.com.



1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,079.57 -42.44 -0.25%
S&P 500 1,996.74 -3.38 -0.17%
NASDAQ 4,557.6950 -11.9260 -0.26%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs