3M announced today that it has completed its acquisition of the business of Federal Signal Technologies Group (FSTech) from Federal Signal Corp., 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.
Electronic tolling and parking are key adjacencies to 3M’s business for motor vehicle systems and services. FSTech complements 3M’s products and services for the Department of Transportation, the Department of Motor Vehicles, toll authorities, public safety agencies and parking operators. The integration of FSTech into 3M will enable the next generation of innovative toll, public safety and parking solutions.
“By combining 3M and FSTech products we can create leading solutions for the parking, toll, and public safety industry to help improve the safety, mobility and efficiency of road users,” said John Houle, vice president and general manager, 3M Traffic Safety Systems Division. “Given our relationships with Departments of Transportation and Motor Vehicles, and the toll, public safety and parking industry, we will be able to address some of the most pressing safety and mobility issues faced by motorists today.”
FSTech employs approximately 500 people and has primary facilities in Arizona, California, Illinois, Michigan, Missouri, North Carolina, Tennessee, Texas, Hong Kong, Dubai and the U.K.
3M captures the spark of new ideas and transforms them into thousands of ingenious products. Our culture of creative collaboration inspires a never-ending stream of powerful technologies that make life better. 3M is the innovation company that never stops inventing. With $30 billion in sales, 3M employs 84,000 people worldwide and has operations in more than 65 countries.