Federal Signal Acquires
Truck Bodies and Equipment International
Federal Signal Corporation, Streator, IL, has signed an agreement to acquire Truck Bodies and Equipment International (TBEI), a leading U.S. manufacturer of dump truck bodies and trailers, for $270 million.
According to Federal Signal Corp., the acquisition will enable the company to strengthen its market position as a specialty vehicle manufacturer in maintenance and infrastructure markets. It will also allow the company to leverage its expertise in building chassis-based vehicles, significantly expand its exposure to higher growth industrial end-markets and balance the mix of revenues it generates from municipal and industrial markets.
Federal Signal’s announcement says “TBEI has successfully built a portfolio of strong brands, which currently occupy premier market share positions in their respective product categories, through a combination of an intense focus on operational excellence, a comprehensive distribution strategy, and continuous attention to its customers’ primary requirements for a high-quality product and short lead times.”
TBEI operates 5 manufacturing facilities throughout the U.S. and employs approximately 850 people.
“The TBEI business is a strong strategic fit with our ESG [Environmental Solutions Group] businesses and allows us to broaden our focus on maintenance and infrastructure markets. With its large industrial customer base, TBEI will accelerate the achievement of our long-standing objective of balancing the mix of revenue streams between municipal and industrial. This acquisition is consistent with our disciplined capital deployment strategy, which targets the acquisition of high performing businesses that grow and compound our cash flow,” said Jennifer L. Sherman, president and CEO.
“TBEI is an outstanding company with clear leadership positions in its end markets, a strong financial profile and a management team that will thrive as part of Federal Signal. This acquisition also represents a significant step towards the attainment of our strategic goal of profitably growing our revenues to over $1 billion.”
TBEI’s President and Chief Executive Officer, Robert Fines, an executive with over 35 years of industry experience, including a variety of management positions within General Electric and Avery Dennison, will be joining Federal Signal’s management team.
“We are excited to join the Federal Signal family and add TBEI’s six established brands to Federal Signal’s portfolio of market-leading businesses,” said Mr. Fines. “There are many similarities between TBEI’s operations and those of Federal Signal and we are confident in our ability to cross-pollinate manufacturing practices, leverage our distribution networks and create a leading platform to serve the needs of our customers.”
Federal Signal Reorganizes ESG
Federal Signal Corp. has also reorganized its Environmental Solutions Group (ESG), including whole-goods, parts and service offerings and equipment rentals across government and industrial markets, “to maximize success and achieve profitable growth,” according to Federal Signal.
“With the successful completion of the Joe Johnson Equipment (JJE) integration into Federal Signal’s Environmental Solutions Group family, there are many exciting and challenging possibilities in front of us,” said Sam Miceli, senior vice president of ESG. “Given the dynamics of the current market, it becomes critical to think differently and drive alignments within the organization.”
Miceli said the reorganization has resulted in the creation of new management positions to allow the ESG to bolster operations and maintain focus on continued growth.
Tony Fuller, director of industrial sales for the Environmental Solutions Group’s FS Solutions, is now vice president of ESG Global Sales. Fuller is responsible for whole-good sales to the group’s dealer, utility, industrial and oil and gas channels on a global basis.
In conjunction with the reorganization, a new group, Federal Signal has created a new group, the Industrial Solutions Group. Comprised of the Jetstream and FS Solutions teams, the Industrial Solutions Group will serve as a single face to industrial customers to provide an expanding offering of primarily non-whole goods solutions. Bill Krupowicz, vice president and general manager of Jetstream, will expand his role to serve as vice president of the Industrial Solutions Group.
The reorganization serves to extend the Environmental Solutions Group’s collective footprint beyond North America and helps to bring about technology and innovation that can be leveraged around the world.
Neyra Adds Connecticut Distribution Center
Neyra Industries Inc., Cincinnati, OH, recently opened a distribution center in South Windsor, CT.
Neyra Pavement Products serves the Dover, New Castle and Georgetown areas. For details on this and other centers in the Neyra Pavement Products network contact 302-312-3160 or visit www.neyra.com.
Industry Appointments
At Bergkamp Inc., Salina, KS, Rex Eberly is general manager of Bergkamp Bituminous Solutions (BBS) and Jimmy Kendrick is director of contractor sales.
At Dynapac North America LLC, Rock Hill, SC, Shellie Larranaga is vice president of finance & administration.
