Federal Signal Announces Sale of European Sweeper Business
16 Juillet 2009 - 2:15PM
PR Newswire (US)
OAK BROOK, Ill., July 16 /PRNewswire-FirstCall/ -- Federal Signal
Corporation (NYSE:FSS), a leader in advancing security and
well-being, today announced it has completed the sale of Ravo
Holding B.V., a manufacturer of compact street sweepers located in
the Netherlands, to Fayat Group, a leader in Europe in the
Roadbuilding equipment sector as well as in the Building and Public
Works industry, headquartered in France. The selling price was
approximately $12 million (EUR 8.5 million). The company intends to
use the sales proceeds to pay down debt and fund its core
operations. The company will recognize a non-cash loss on the sale
in the second quarter, but does not expect the transaction to have
a material impact on the company's forecasted earnings for the
second half of the year. William Osborne, CEO of Federal Signal,
stated, "We are pleased to have completed the sale of the Ravo
sweeper business to Fayat Group. We believe Ravo is a good
strategic fit for the Fayat Environmental business line, and thank
the Ravo employees for many years of valued service." Osborne
continued, "The sale of Ravo is consistent with our strategy to
streamline our operations and focus our business portfolio, and the
proceeds from the transaction will provide us with more financial
flexibility. Although the divestiture marks our exit from the
European street sweeper business, Federal Signal remains committed
to leveraging and growing the leadership position of our Elgin
Sweeper business in North American and other select global
markets." 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,
Ill., with manufacturing facilities worldwide, the Company operates
three groups: Safety and Security Systems, Environmental Solutions
and Fire Rescue. For more information on Federal Signal, visit:
http://www.federalsignal.com/. DATASOURCE: Federal Signal
Corporation CONTACT: investors, William Barker of Federal Signal
Corporation, +1-630-954-2000, ; or Corinne Beaujean of Fayat, +33
556 00 21 00, Web Site: http://www.federalsignal.com/
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