ST. PAUL, Minn.--(BUSINESS WIRE)--3M announced today that it has completed its acquisition of the business
of Federal Signal Technologies Group (FSTech) from Federal Signal Corp.,
for a purchase price of $110 million in cash, subject to post-closing
adjustments. FSTech focuses on electronic toll collection and parking
management hardware and software services.
Electronic tolling and parking are key adjacencies to 3M’s business for
motor vehicle systems and services. FSTech complements 3M’s products and
services for the Department of Transportation, the Department of Motor
Vehicles, toll authorities, public safety agencies and parking
operators. The integration of FSTech into 3M will enable the next
generation of innovative toll, public safety and parking solutions.
“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.
3M captures the spark of new ideas and transforms them into thousands of
ingenious products. Our culture of creative collaboration inspires a
never-ending stream of powerful technologies that make life better. 3M
is the innovation company that never stops inventing. With $30 billion
in sales, 3M employs 84,000 people worldwide and has operations in more
than 65 countries. For more information, visit www.3M.com
or follow @3MNews on Twitter.