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Federal Signal Corporation, a provider of environmental and safety solutions, announced that it has completed the acquisition of the assets and operations of Mark Rite Lines Equipment Company, Inc. (‘MRL’), a U.S. manufacturer of truck-mounted and ride-on road-marking equipment. The acquisition includes the operations of HighMark Traffic Services, Inc., a wholly-owned subsidiary of MRL, which provides road-marking services, primarily within the state of Montana. The signing of the purchase agreement was previously announced on May 14, 2019. The transaction involves initial consideration of $55.5 million, subject to post-closing adjustments. In addition, there is a contingent earn-out payment of up to $15.5 million. Leverage expertize in chassis-Based vehicles MRL is well-positioned to capitalize on a number of tailwinds expected to drive growth in the road-marking industry"MRL, which is headquartered in Billings, Montana and employs approximately 250 people, generated revenues of $67 million for the year ended December 31, 2018, with an EBITDA margin of 13%. “We are pleased to complete the acquisition of MRL, which represents a natural and strategic extension of our market position as a specialty vehicle manufacturer serving maintenance and infrastructure markets,” said Jennifer L. Sherman, President and Chief Executive Officer. “With a clear leadership position in its markets, MRL is well-positioned to capitalize on a number of tailwinds expected to drive growth in the road-marking industry. MRL gives us an opportunity to leverage our expertize in building chassis-based vehicles, apply our ETI principles and utilize our existing distribution channels and aftermarket platform to accelerate the next phase of MRL’s growth. We continue to expect the acquisition to be modestly accretive to the Company’s non-GAAP adjusted earnings per share in 2019.”
The trial court had ruled that the plaintiff firefighters had failed to produce evidence of an alternative siren design Federal Signal Corporation, a provider of environmental and safety solutions, announced that a Pittsburgh court of appeals issued an opinion affirming the trial court's dismissal of a case filed by seven Pittsburgh firefighter plaintiffs who claimed that the Company's sirens on their fire trucks caused them hearing loss. The trial court had ruled that the plaintiff firefighters had failed to produce evidence of an alternative siren design that "provides as much protection to pedestrians, motorists, and occupants of fire trucks as Federal Signal's 360 degree (siren) design." The appellate court concurred, declaring that the plaintiff firefighters had failed to demonstrate that their alternative siren design "met the need for an effective warning for motorists and pedestrians." Importance of siren products Daniel A. DuPré, General Counsel for the Company, stated, "This is another in a series of favourable trial and appellate court rulings in the hearing loss cases filed against the Company. These results are an affirmation of the vital importance of our siren products, not just for the safety of the firefighters themselves, but also for the safety of motorists and pedestrians encountered by firefighters during an emergency response." Jennifer Sherman, Chief Executive Officer for the Company, stated, "We are pleased that the court ruled in favour of Federal Signal. We believe strongly in our life-saving siren products, and we will continue to defend them aggressively."
Federal Signal Corporation today announced that it will form Federal Signal Technologies Group Federal Signal Corporation, a leader in environmental, safety and transportation solutions, recently announced that it will form Federal Signal Technologies Group ("FSTech"), a new division to be focused on Intelligent Transportation Systems ("ITS") solutions. FSTech will be comprised of recently acquired Diamond Consulting, Sirit and VESystems as well as the Company's PIPS Technology and Federal Automated Parking Devices ("FAPD") units. Manfred Rietsch, previously Chief Executive Officer of VESystems, will serve as the Group President of FSTech, reporting to William Osborne, Federal Signal's President and Chief Executive Officer. "VESystems, Sirit, Diamond Consulting, PIPS and FAPD have a proven record of success in jointly delivering superior technology-based client solutions," said William Osborne, Federal Signal's President and Chief Executive Officer. "Each of these companies is an industry leader and we believe that the combined FSTech will further differentiate Federal Signal within the ITS sector. Global market trends are robust and by helping customers capitalize on ITS, we are confident that FSTech will drive long-term revenue generation and earnings growth providing enhanced value to Federal Signal stockholders." "FSTech will bring a revolutionary way of doing business to the ITS industry, based on openness and partnership between provider and client," said Manfred Rietsch, Group President of FSTech. "Our combined companies will give FSTech a superior, 'open architecture' technology platform and service offering, which customers can choose to employ on a modular or integrated basis. We are excited about the opportunity to share ideas and best practices and look forward to better serving the ITS sector." FSTech will bring together five companies: VESystems designs, develops and deploys advanced, cost- effective and easy-to-use software applications and customer management systems and services for the electronic toll collection industry. VESystems' technological innovation and operational excellence help clients achieve economies and maximize returns with products and services featuring unparalleled speed, intelligent search capabilities, on-line internet and telephone system integration, dynamic reporting functions, ease of use and open system architecture on modern platforms. "FSTech will bring a revolutionary way of doing business to the ITS industry, based on openness and partnership between provider and client" Sirit is a leading designer, developer and manufacturer of Radio Frequency Identification ("RFID") technology for applications such as Tolling, Electronic Vehicle Registration, Parking and Access Control, Cashless Payments and Supply Chain Systems. Sirit's products are built on more than 16 years of Radio Frequency domain expertise addressing multiple frequencies, multiple protocols and are compliant with global standards. Diamond Consulting is a market leader in automatic vehicle detection and classification technology, using advanced proprietary software in a variety of safety, tolling and data collection applications. Diamond Consulting is recognized worldwide by the Idris® brand. Idris classifies vehicles to the highest available accuracy and is the de-facto standard in the U.S. for axle-based Electronic Toll Collection, the process of collecting tolls without the use of toll booths or otherwise requiring vehicles to stop. Together with PIPS, it is also at the heart of the latest generation of tolling - All Electronic Toll Collection. PIPS Technology is an industry leader in the development and manufacture of Automated License Plate Recognition Systems ("ALPR"). PIPS' broad range of ALPR products provide the next generation solutions for Travel Time Measurement, Law Enforcement, Tolling, Congestion Charging, Access Control, Traffic Monitoring and Automated Site Security Solutions. With over 8,000 cameras deployed globally, PIPS has a wide range of patents covering ALPR technology and its application. Federal Automated Parking Devices ("FAPD") is the largest U.S. manufacturer of parking, access and revenue control systems. FAPD introduced the first completely integrated facility management system software to the parking industry, pioneering the system that made the variable-rate "selfpark" facility possible. FAPD continues to supply technology and services to the parking facilities industry.
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