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Federal Signal Announces Sale of Industrial Lighting Business
OAK BROOK, Ill., Nov. 30 /PRNewswire-FirstCall/ -- Federal Signal Corporation (NYSE: FSS), a leader in advancing security and well-being for communities and workplaces around the world, today announced it has completed the sale of its industrial lighting manufacturer subsidiary, Pauluhn, to the Cooper Crouse-Hinds division of Cooper Industries plc (NYSE: CBE) for $35 million.
William Osborne, president and chief executive officer, stated, "We are pleased to have completed the sale of Pauluhn to Cooper Industries. This transaction is part of our ongoing efforts to streamline and focus Federal Signal's business portfolio, while enhancing our financial flexibility. We intend to invest the proceeds from the sale transaction in growth opportunities faced by our public safety businesses."
Mr. Osborne continued, "We greatly appreciate the many contributions and hard work by all Pauluhn employees, led by Wilfred Bullock. Pauluhn is a good fit with Cooper Industries and I am confident that Pauluhn will continue to deliver the high-quality products and service their customers have come to expect from them. We wish them continued success." Wilfred Bullock will continue with Federal Signal to ensure a smooth transition.
For over 75 Years Pauluhn has been providing marine, offshore and industrial lighting products with innovative solutions for hazardous locations and corrosive environments. Pauluhn is a leading supplier of a wide range of specialized area lighting and connecting products used in offshore and onshore drilling, shipbuilding, mining, petrochemical and other industrial applications involving harsh and corrosive environments.
About Federal Signal
Federal Signal Corporation (NYSE: FSS) enhances the safety, security and well-being of communities and workplaces around the world. Founded in 1901, Federal Signal is a leading global designer and manufacturer of products and total solutions that serve municipal, governmental, industrial and institutional customers. Headquartered in Oak Brook, Ill., with manufacturing facilities worldwide, the Company operates three groups: Safety and Security Systems, Environmental Solutions and Fire Rescue. For more information on Federal Signal, visit: http://www.federalsignal.com.
Contact: Leo Mahon Vice President of Strategy, Business Development and Investor Relations Federal Signal Corporation 630-954-2000 lmahon@federalsignal.com
SOURCE Federal Signal Corporation
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http://www.federalsignal.com