Federal Signal Corporation Announces Acquisiton of P.C.S. Company.
Joseph J. Ross, chairman, president and chief executive officer of Federal Signal Corporation (NYSE: FSS), announced the signing of a definitive agreement for the acquisition of P.C.S. Company ("P.C.S."). Located in Fraser, Michigan (about 10 miles north of Detroit), P.C.S. is a leading manufacturer and marketer of precision tooling and components to the plastic injection molding industry. The company currently has about $25 million in sales. P.C.S. will continue to operate with its existing management and will join Federal Signal's Tool Group. The acquisition will close March 1, 2000.
P.C.S.'s tooling for the plastic injection molding industry complements Federal's existing tooling for the metal stamping market. The Tool Group's metal stamping market focuses on end users such as automotive and durable goods manufacturers; P.C.S.'s precision tooling market also includes end users such as computer and electronics manufacturers, two fast growing market segments. Federal's tool companies will immediately assist with geographical expansion of P.C.S.'s distribution, an area of substantial growth potential.
In announcing the transaction, Ross stated, "We are very pleased to welcome P.C.S. to Federal's growing family of companies marketing consumable tools and are excited about the new products that P.C.S. brings to our Tool Group. We see exciting growth opportunities for P.C.S. in new market segments and expanded distribution across North America."
Federal Signal Corporation is a global manufacturer of leading niche products in four operating groups: safety and signaling products, custom signage, consumable industrial tooling and emergency and environmental vehicles. Based in Oak Brook, Illinois, the company's shares are traded on the New York Stock Exchange under the symbol FSS.
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|Date:||Apr 7, 2000|
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