Public safety and security systems provider Federal Signal Corp. (FSS) Monday said it completed the sale of its subsidiary, industrial lighting manufacturer Pauluhn Electric, to Cooper Crouse-Hinds, a division of electrical products and tools maker Cooper Industries Plc (CBE), for $35 million.
Oak Brook, Illinois-based Federal Signal said it intends to invest the proceeds from the sale transaction in growth opportunities of its public safety businesses.
Commenting on the divestment, Federal Signal's President and Chief Executive Officer William Osborne said, "This transaction is part of our ongoing efforts to streamline and focus Federal Signal's business portfolio, while enhancing our financial flexibility."
Kirk Hachigian, chairman and CEO of Houston, Texas based Cooper Industries in a separate note said, "...this acquisition further extends Crouse-Hinds' access to several key end markets, including marine, mining and offshore drilling."
Founded in 1924, Texas-based Pauluhn Electric designs and manufactures specialized area lighting and connecting solutions used in offshore and onshore drilling, shipbuilding, mining, petrochemical and other industrial applications involving harsh and corrosive environments.
In Friday's regular trading session, FSS closed trading on the New York Stock Exchange at $5.56 per share. In the past 52-week period, the shares have been trading in a range of $3.73 to $9.30.
CBE closed Friday's regular trading session at $41.61 per share on the New York Stock Exchange. In the past 52-week period, the shares have been trading in a range of $18.86 to $44.13.
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