3M buys Federal Signal division for $110 million
by CanadianManufacturing.com Staff
Federal Signal Technologies Group focuses on electronic toll collection and parking management hardware and software.
ST. PAUL, Minn.—3M has completed its $110-million acquisition of Federal Signal Technologies Group (FSTech) from Federal Signal Corp.
The all-cash deal is subject to post-closing adjustments. FSTech focuses on electronic toll collection and parking management hardware and software.
Electronic tolling and parking are key segments for 3M’s motor vehicle systems and services, which serve the Department of Transportation, the Department of Motor Vehicles, toll authorities, public safety agencies and parking operators.
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.
With $30 billion in sales, 3M employs 84,000 people worldwide and has operations in more than 65 countries.