---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-042691"
form_type: "8-K"
ticker: "FSS"
cik: "0000277509"
company_name: "FEDERAL SIGNAL CORP /DE/"
filed_at: "2025-09-25T23:59:59+00:00"
generated_at: "2026-05-17T05:43:20.084795+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-25-042691
- form_type: 8-K
- ticker: FSS
- cik: 0000277509
- company_name: FEDERAL SIGNAL CORP /DE/
- filed_at: 2025-09-25T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/277509/000162828025042691/0001628280-25-042691-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/277509/000162828025042691/fss-20250924.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-042691
- JSON: https://secwatch.observer/filing/0001628280-25-042691.json
- Plain text: https://secwatch.observer/filing/0001628280-25-042691.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.