Federal Signal (NYSE: FSS) closes New Way deal with $396M price plus $30M real estate

Rhea-AI Filing Summary

Federal Signal Corporation completed the acquisition of Scranton Manufacturing Company LLC, doing business as New Way, under a previously announced Equity Purchase Agreement. The company bought all of New Way’s outstanding equity interests for an initial purchase price of $396 million, subject to closing and post-closing adjustments. It also paid an additional $30 million for New Way’s manufacturing facilities and related real estate rights in Iowa and Mississippi. The transaction is documented in the Equity Purchase Agreement dated September 24, 2025, and the company has also released a press announcement describing the closing of the deal.

Insights

M&A and industrials analyst

Federal Signal closes a sizable cash acquisition of New Way, adding manufacturing assets and operations.

Federal Signal Corporation has closed its previously announced purchase of all equity in New Way for an initial consideration of $396 million, plus an additional $30 million tied to manufacturing facilities and real estate in Iowa and Mississippi. This indicates a strategic move to expand within related industrial markets, bringing both operating businesses and owned facilities under Federal Signal’s control.

The initial purchase price is subject to closing and post-closing adjustments, so the final consideration could change based on agreed mechanisms. The inclusion of specific manufacturing facilities and associated real estate suggests Federal Signal is not only acquiring a brand and customer relationships but also the underlying production footprint. Future disclosures in company reports may provide more detail on integration progress, financial contributions from New Way, and any updated valuation metrics tied to this acquisition.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 8-K

___________________________________ 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 25, 2025

___________________________________

Federal Signal Corporation

(Exact name of registrant as specified in its charter)

___________________________________

Delaware

001-6003

36-1063330

(State or other jurisdiction  of incorporation)

(Commission File  Number)

(IRS Employer  Identification No.)

1333 Butterfield Road, Downers Grove, Illinois

(Address of principal executive offices)

60515

(Zip Code)

(630) 954-2000

(Registrant’s telephone number, including area code)

___________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, par value $1.00 per share			FSS			New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o   

Item 2.01    Completion of Acquisition or Disposition of Assets.

As previously reported in the Current Report on Form 8-K filed by Federal Signal Corporation, a Delaware corporation (the “Company”), with the Securities and Exchange Commission (the “SEC”) on September 25, 2025, the Company entered into an Equity Purchase Agreement (the “Purchase Agreement”) with McLaughlin Family Companies Inc., an Iowa corporation, and Scranton Manufacturing Company LLC, a Delaware limited liability company following its conversion from an Iowa corporation (“New Way”).

On November 25, 2025, pursuant to the terms and conditions of the Purchase Agreement, the Company completed the acquisition of all of the outstanding equity interests of New Way for an initial purchase price of $396 million, which is subject to certain closing and post-closing adjustments (the “Acquisition”). The Company also paid additional consideration of $30 million for New Way’s manufacturing facilities and associated real estate rights in Iowa and Mississippi.

The foregoing description of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Purchase Agreement, a copy of which is incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by the Company with the SEC on September 25, 2025.

Additionally, a copy of the press release issued by the Company in relation to the closing of the Acquisition is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01    Financial Statements and Exhibits.

(d)			Exhibits
			10.1			Equity Purchase Agreement, dated as of September 24, 2025, by and among Federal Signal Corporation, Scranton Manufacturing Company Inc. and McLaughlin Family Companies Inc. Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on September 25, 2025.
			99.1			Federal Signal Corporation Press Release, dated November 26, 2025.
			104			Cover Page Interactive Data File (embedded within the Inline XBRL Document)

 SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			FEDERAL SIGNAL CORPORATION
Dated: December 1, 2025			By:			/s/ Ian A. Hudson
						Ian A. Hudson, Senior Vice President and Chief Financial Officer

FAQ

What transaction did Federal Signal Corporation (FSS) announce in this 8-K?

Federal Signal Corporation reported that it completed the acquisition of all outstanding equity interests of Scranton Manufacturing Company LLC, known as New Way, pursuant to a previously signed Equity Purchase Agreement.

How much did Federal Signal (FSS) pay to acquire New Way?

Federal Signal agreed to an initial purchase price of $396 million for all of New Way’s outstanding equity interests, with that amount subject to closing and post-closing adjustments under the Equity Purchase Agreement.

What additional consideration did Federal Signal (FSS) pay related to New Way’s assets?

In addition to the initial purchase price, Federal Signal paid $30 million for New Way’s manufacturing facilities and associated real estate rights in Iowa and Mississippi.

When did Federal Signal (FSS) close the acquisition of New Way?

Federal Signal closed the acquisition of New Way on November 25, 2025, in line with the terms and conditions of the previously executed Equity Purchase Agreement.

Where can investors find more details about the Federal Signal (FSS)–New Way purchase agreement?

The Equity Purchase Agreement dated September 24, 2025, is incorporated by reference as Exhibit 10.1, and additional information is available in the company’s current report filed with the SEC on September 25, 2025.

Did Federal Signal (FSS) issue a press release about the New Way acquisition closing?

Yes. A press release describing the closing of the New Way acquisition is included as Exhibit 99.1, dated November 26, 2025, and incorporated by reference.