OAK BROOK, Ill., June 2, 2017 /PRNewswire/ -- Federal Signal
Corporation (NYSE:FSS) ("the Company"), a leader in environmental
and safety solutions, today announced that it has completed the
acquisition of Truck Bodies and Equipment International ("TBEI"), a
leading U.S. manufacturer of dump truck bodies and trailers, for a
purchase price of $270 million,
subject to customary closing adjustments. Signing of the purchase
agreement was previously announced on May 8,
2017.
TBEI represents a portfolio of six established brands, which
occupy leading market share positions in their respective product
categories. They have developed a sustained competitive advantage
through a combination of an intense focus on operational
excellence, a comprehensive distribution strategy, and continuous
attention to its customers' primary requirements for a high-quality
product and short lead times.
"We are excited to welcome the TBEI businesses to our Federal
Signal portfolio of brands," said Jennifer
L. Sherman, Federal Signal's President and Chief Executive
Officer. "Their product offerings will allow us to further
diversify into higher growth, maintenance and infrastructure
markets, while balancing the mix of revenue streams between
municipal and industrial, and reduce our exposure to oil and gas.
This acquisition represents a strong strategic fit for Federal
Signal and will enhance our ability to achieve sustainable and
profitable growth. After factoring in a preliminary estimate
of the anticipated increase in amortization expense resulting from
acquisition-related accounting impacts, we continue to expect TBEI
to be modestly accretive to 2017 earnings."
About Federal Signal
Federal Signal Corporation (NYSE: FSS) provides products and
services to protect people and our planet. Founded in 1901, Federal
Signal is a leading global designer, manufacturer and supplier of
products and total solutions that serve municipal, governmental,
industrial and commercial customers. Headquartered in Oak Brook, Ill., with manufacturing facilities
worldwide, the Company operates two groups: Environmental Solutions
and Safety and Security Systems. For more information on Federal
Signal, visit: www.federalsignal.com.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995
This release contains various forward-looking statements as of
the date hereof and we undertake no obligation to update these
forward-looking statements regardless of new developments or
otherwise. Statements in this release that are not historical are
forward-looking statements. Such statements are subject to various
risks and uncertainties that could cause actual results to vary
materially from those stated. Such risks and uncertainties include
but are not limited to: economic conditions in various regions;
product and price competition; supplier and raw material prices;
risks associated with acquisitions such as integration of
operations and achieving anticipated revenue and cost benefits;
foreign currency exchange rate changes; interest rate changes;
increased legal expenses and litigation results; legal and
regulatory developments and other risks and uncertainties described
in filings with the Securities and Exchange Commission.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/federal-signal-completes-acquisition-of-truck-bodies-and-equipment-international-300467992.html
SOURCE Federal Signal Corporation