Federal Signal (FSS) to Unload Federal Signal Tech Unit to 3M (MMM) for $110M

June 21, 2012 7:00 AM EDT
Federal Signal Corporation (NYSE: FSS) today announced that it has signed a definitive agreement to sell its Federal Signal Technologies, LLC ("FSTech") business to 3M Company (NYSE: MMM) for $110 million in cash, subject to post-closing adjustments. The transaction is subject to closing conditions and regulatory approvals, and is expected to be completed in the second half of 2012.

Federal Signal intends to use the proceeds from the transaction primarily to reduce debt. Jefferies & Co., Inc. advised Federal Signal on the transaction, and Thompson Coburn LLP served as Federal Signal's legal counsel.

Federal Signal will host an investor conference call as a follow up to this announcement at 11 a.m. EST, Monday, June 25, 2012 with Dennis J. Martin, president and CEO, William G. Barker, senior vice president and CFO, and Jennifer L. Sherman, CAO, senior vice president, general counsel and secretary.

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