Reuters: Technology News: Federal Signal to sell technology business to 3M for $110 million

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Federal Signal to sell technology business to 3M for $110 million Jun 21st 2012, 12:39 Thu Jun 21, 2012 8:39am EDT (Reuters) - Safety and transportation systems maker Federal Signal Corp said it would sell its technologies business to 3M Co for $110 million in cash, primarily to reduce debt. Federal Signal had a total outstanding debt of $235.6 million as of March 2012. The technology business, known as FSTech, contributes about 13 percent of Federal Signal's total revenue. Revenue at the business was $28.5 million for the first quarter of 2012. FSTech develops hardware and software for applications used in electronic tolling, parking and access control, and electronic vehicle registration. Oak Brook, Illinois-based Federal Signal said it expects to close the deal in the second half of 2012. Jefferies & Co Inc advised Federal Signal on the deal. Federal Signal shares closed at $4.74 on Wednesday on the New York Stock Exchange. 3M shares closed at $87.54.

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