Federal Signal Corporation (NYSE: FSS) said it has signed a definitive agreement to sell its Bronto Skylift business to Morita Holdings Corporation (TYO: 6455) for EUR80 million in cash (or approximately USD88 million), subject to post-closing adjustments.
The transaction is expected to be completed during the first quarter of 2016.
Bronto is currently the only remaining operation in Federal Signal´s Fire Rescue Group. Upon completion of the transaction, Federal Signal will no longer operate the Fire Rescue Group.
Bronto is a leading manufacturer and supplier of sophisticated, vehicle-mounted, aerial platforms for fire fighting, rescue and industrial applications. It manufactures its products in Finland and sells globally under the Bronto SkyliftÂ® brand. Its net sales and operating income for the twelve month period ended September 30, 2015 were USD131.9 million and USD6.2 million, respectively.
Headquartered in Oak Brook, Ill., with manufacturing facilities worldwide, Federal Signal provides products and services to protect people and our planet. Founded in 1901, Federal Signal is a leading global designer and manufacturer of products and total solutions that serve municipal, governmental, industrial and commercial customers.