Federal Signal to acquire New Way Trucks for $396m.

Federal Signal, a manufacturer of environmental and safety solutions, agreed to acquire New Way Trucks, a US-based manufacturer of refuse collection vehicles, for $396m. "The acquisition of New Way establishes a new vertical within our specialty vehicle portfolio and represents a meaningful expansion into the recession-resilient waste and recycling industry. With our deep expertise in selling refuse equipment through our direct distribution channel and our ability to leverage the power of our specialty vehicle platform, we see significant opportunities to capture synergies and accelerate New Way's growth and margin trajectory in coming years. Importantly, we believe New Way's leading U.S. position in automated side loaders and for municipal sales sets the foundation for continued outperformance within the refuse space. We are excited to welcome New Way's dedicated team of more than 750 employees to the Federal Signal family," Jennifer L. Sherman, Federal Signal President and Chief Executive Officer.