Federal Signal says it plans to combine 5 divisions into a new technology group
By APTuesday, March 16, 2010
Federal Signal combines newly acquired businesses
OAK BROOK, Ill. — Security systems company Federal Signal said Tuesday that it will combine three recently acquired businesses and two older units into a new division.
The combined entity will be called Federal Signal Technologies Group and will be led by Manfred Rietsch, the former CEO of VESystems.
Earlier this month, Federal Signal acquired Sirit, a Canadian company that provides radio frequency identification technology, and VESystems, which provides management systems and services for the electronic toll collection industry.
The company bought Diamond Consulting, which makes automatic vehicle detection and classification technology, in December.
Those companies will be linked to two existing businesses to form the new division.
The company declined to say if any job cuts will be made in connection with the changes.
Shares of Federal Signal Corp. fell 14 cents, or 1.6 percent, to $8.77 on Tuesday.
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March 16, 2010: 5:44 pm
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