OAK BROOK, Ill. — Federal Signal signed a definitive agreement to sell its Bronto Skylift business to Morita Holdings Corporation for $88 million.
Bronto is the only remaining operation in Federal Signal’s Fire Rescue Group.
“This transaction is a significant milestone for Federal Signal, as it completes our departure from our Fire Rescue vehicle line of business,” said Jennifer L. Sherman, Federal Signal’s incoming chief executive officer. “The sale of Bronto will allow us to focus on our core businesses as we pursue strategic acquisition opportunities and redeploy our capital more effectively.”
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.
The transaction is subject to customary closing conditions and is expected to be completed during the first quarter of 2016.