3M completes its acquisition of the business of Federal Signal Technologies Group
- United Arab Emirates: Sunday, September 16 - 2012 at 14:36
- PRESS RELEASE
3M announced that it has completed its acquisition of the business of Federal Signal Technologies Group (FSTech) from Federal Signal Corp., for a purchase price of $110m in cash, subject to post-closing adjustments. FSTech focuses on electronic toll collection and parking management hardware and software services.
"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," said John Houle, vice president and general manager, 3M Traffic Safety Systems Division. "Given our relationships with Departments of Transportation and Motor Vehicles, and the toll, public safety and parking industry, we will be able to address some of the most pressing safety and mobility issues faced by motorists today."
FSTech employs approximately 500 people and has primary facilities in Arizona, California, Illinois, Michigan, Missouri, North Carolina, Tennessee, Texas, Hong Kong, Dubai and the U.K.
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