Thompson Coburn served as outside counsel in Federal Signal Corporation’s pending $110 million sale of its intelligent transportation technology business to 3M.
Federal Signal announced today that it has signed a definitive agreement to sell its FSTech business, which focuses on electronic toll collection, parking management hardware, and software services.
St. Paul, Minn.-based 3M Company will pay cash in the deal, which is expected to close in the second half of 2012. Federal Signal said in a press release that it intends to use the proceeds from the transaction primarily to reduce debt.
Thompson Coburn partners Bob LaRose and Michele Kloeppel, and associate Greg Mennerick led work on the transaction for Federal Signal.
A multi-disciplinary team of Thompson Coburn tax, employment, commercial finance, and intellectual property attorneys supported work on the transaction.
About Federal Signal
Federal Signal Corporation (NYSE: FSS) enhances the safety, security and well-being of communities and workplaces around the world. Founded in 1901, Federal Signal is a leading global designer and manufacturer of products and total solutions that serve municipal, governmental, industrial and institutional customers. Headquartered in Oak Brook, IL, with manufacturing facilities worldwide, the Company operates four groups: Safety and Security Systems, Fire Rescue, Environmental Solutions, and Federal Signal Technologies.