Federal Signal To Buy Blasters For Initial $14 Mln; FSS Down In Pre-market

(RTTNews) - Federal Signal Corporation (FSS), a safety solutions provider, said on Thursday that it has inked an agreement to buy Blasters, Inc., for an initial price of $14 million.

Blasters is a designer, maker, and seller of the Liquidator, an ultra-high pressure, water-based, road-marking, and rubber-removal truck.

The deal also includes an earn-out payment of up to $8 million.

FSS expects to complete the transaction over the next 90 days.

Jennifer L. Sherman, Chief Executive Officer, said: "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."

FSS is trading down by 0.83 percent at $48.80 per share in pre-market on the New York Stock Exchange.