OAK BROOK, Ill., Feb. 18, 2021 /PRNewswire/ -- Federal Signal
Corporation (NYSE: FSS) ("the Company"), a leader in environmental
and safety solutions, today announced the completion of the
acquisition of OSW Equipment and Repair, LLC ("OSW") for cash
consideration of $52.5 million.
OSW is a leading manufacturer of dump truck bodies and custom
upfitter of truck equipment and trailers, and is headquartered in
Snohomish, Washington, with an
upfitting location in Tempe,
Arizona. The acquisition also includes the operations of
Northend Truck Equipment ("NTE"), which are co-located with OSW,
and Western Truck Body ("WTB"), based in Edmonton, Canada. Both NTE and WTB are wholly
owned subsidiaries of OSW.
"Since acquiring TBEI, the geographic expansion of our existing
platform of market-leading dump bodies and trailers has been a
strategic objective," said Jennifer L.
Sherman, President and Chief Executive Officer. "The
acquisition of OSW represents a highly strategic transaction,
adding three premier brands that serve attractive infrastructure,
construction and other industrial end-markets on the West Coast, in
Arizona and in parts of
Canada."
"I have been a long-time admirer of OSW and the strength of its
brands", said Robert E. Fines, Vice
President and General Manager, Truck Bodies and Equipment
International. "The acquisition provides considerable opportunity
for long-term value creation through operational improvement
initiatives, organic growth and additional acquisitions."
About Federal Signal
Federal Signal Corporation (NYSE:
FSS) builds and delivers equipment of unmatched quality that moves
material, cleans infrastructure, and protects the communities where
we work and live. 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 unaudited financial information and 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: direct and indirect
impacts of the coronavirus pandemic and the associated government
response, economic conditions in various regions, product and price
competition, supply chain disruptions, work stoppages, availability
and pricing of raw materials, 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.
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SOURCE Federal Signal Corporation