3M (MMM) Buys Business of Federal Signal's (FSS) Technologies Group for $110M in Cash

June 21, 2012 8:05 AM EDT
3M (NYSE: MMM) announced today that it has entered into an agreement to acquire the business of Federal Signal Technologies Group (FSTech) from Federal Signal Corp., (NYSE: FSS) 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.

On a GAAP reported basis, 3M estimates the acquisition to be $0.02 dilutive to earnings in the first 12 months following completion of the transaction. Excluding purchase accounting adjustments and anticipated integration expenses, 3M estimates the acquisition to be neutral to earnings over the same period.

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