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Federal Signal buys Joe Johnson Equipment for initial payment of CAD108m.

M2 EQUITYBITES-June 6, 2016-Federal Signal buys Joe Johnson Equipment for initial payment of CAD108m

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Environmental and safety solutions company Federal Signal Corporation (NYSE:FSS) disclosed on Friday the completion of an agreement to acquire substantially all of the assets and operations of Joe Johnson Equipment (JJE) for an initial consideration of CAD108m, subject to closing and post-closing adjustments for working capital.

In addition, Federal Signal make a deferred payment of CAD8m plus a contingent earn-out payment of up to CAD10m.

Canadian-based Joe Johnson Equipment (JJE) is a distributor of maintenance equipment for municipal and industrial markets. It specialises in serving municipalities, municipal contractors and industrial contractors with high-quality products that include street sweepers, sewer cleaners, vacuum trucks, snow removal equipment and refuse collection equipment. It offers rental options, used equipment, parts, service and ancillary equipment.

For the calendar year ending 31 December 2015, Joe Johnson Equipment's revenues in North America were about CAD163m.

(USD1=CAD1.29575)

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Publication:M2 EquityBites (EQB)
Date:Jun 6, 2016
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