Federal Signal Technologies now part of 3M ADDITIONS
By Peter Samuel
3M announced September 4 that it had completed its acquisition of Federal Signal Technologies Group paying "$110m in cash subject to post-closing adjustments."
They say: "Electronic tolling and parking are key adjacencies to 3M's business for motor vehicle systems and services. FSTech complements 3M's products and services for the Department of Transportation, the Department of Motor Vehicles, toll authorities, public safety agencies and parking operators. The integration of FSTech into 3M will enable the next generation of innovative toll, public safety and parking solutions."
John Houle, VP and general manager, 3M Traffic Safety Systems Division is quoted: "By combining 3M and FSTech products we can create leading solutions for the parking, toll, and public safety industry to help improve the safety, mobility and efficiency of road users. Given our relationships with Departments of Transportation and Motor Vehicles, and the toll, public safety and parking industry, we will be able to address some of the most pressing safety and mobility issues faced by motorists today."
3M did not bring on FSTech president and chief executive Manfred Rietsch or previous number 2 and head of business development Jon Ramirez. A 3M spokesman tells us Rietsch is being kept on for a while as a consultant to help in the transition as they integrate the FSTech business into the company.
It will be known as 3M Motor Vehicle Systems and Services.
More soon on new management faces.