OAK BROOK, Ill., Jan. 29, 2016 — Federal Signal Corporation (NYSE:FSS), a leader in environmental and safety solutions, today completed the sale of its Bronto Skylift business to Morita Holdings Corporation (TYO:6455), as previously announced on December 11, 2015.
Bronto was the only remaining operation in Federal Signal's Fire Rescue Group. With completion of the transaction, Federal Signal will no longer operate the Fire Rescue Group. The consolidated financial statements to be included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 will present the Fire Rescue Group as a discontinued operation.
"We would again like to thank all of the talented employees of Bronto for their commitment and dedication," said Dennis J. Martin, Federal Signal's Executive Chairman. "We wish Morita and the Bronto team the very best as they build the future success of the business."
"We believe strongly that this sale maximizes the value of Bronto for the benefit of our shareholders. It allows us to focus on our core businesses, as we pursue strategic acquisition opportunities and redeploy our capital more effectively," said Jennifer L. Sherman, Federal Signal's Chief Executive Officer. "When we provided our revised earnings outlook for 2015 after our third quarter, we were expecting Bronto to contribute about $0.03 per share for the year."
Bronto is a leading manufacturer and supplier of sophisticated, vehicle-mounted, aerial platforms for fire fighting, rescue and industrial applications. It manufactures its products in Finland and sells globally under the Bronto Skylift® brand. Its net sales and operating income for the twelve month period ended September 30, 2015 were $131.9 million and $6.2 million, respectively.
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