Federal Signal to acquire New Way Trucks for $396M; expands into refuse vehicle market

FEDERAL SIGNAL CORP /DE/

Initial purchase price $396M plus $30M for facilities; up to $54M earnout; ~11x 2026E EBITDA after tax benefits.
Financed with cash and credit facility; pro-forma net debt leverage expected below 1.5x.
EPS neutral in 2026, accretive $0.40-$0.45 in 2028, with $15M-$20M annual synergies by end of 2028.
New Way is a leading U.S. refuse truck maker, specializing in automated side loaders for municipal and private haulers.
Closing expected Q4 2025; subject to HSR antitrust clearance and customary closing conditions.

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