Sept 7----
Federal Signal to acquire TowHaul Corporation for $46.1M 09/07 FSS Federal Signal announced the signing of a definitive agreement to acquire substantially all the assets and operations of TowHaul Corporation, a leading manufacturer of off-road towing and hauling equipment, for cash consideration of $46.1M, subject to post-closing adjustments. The purchase price includes the acquisition of TowHaul's manufacturing facility in Belgrade, Montana. "The acquisition further bolsters our position as an industry-leading diversified industrial manufacturer of specialized vehicles for maintenance and infrastructure markets with leading brands of premium, value-adding products, and a strong supporting aftermarket platform," said Jennifer L. Sherman, President and Chief Executive Officer. "The combination of TowHaul with Ground Force Worldwide, which we acquired in October last year, allows us to serve our shared, global customer base with a broader range of world-class products and solutions. It also creates a platform that is well-positioned to capitalize on a number of tailwinds expected to drive future growth, including robust industrial activity, vehicle electrification, and other green initiatives. We are excited to welcome TowHaul's talented team members to the Federal Signal family." The Company anticipates completing the transaction during the fourth quarter of 2022, subject to customary closing conditions, and expects the acquisition to be accretive in 2023.
