Federal Signal Sells Dayton Progress

Dayton Progress, which will be operated as an independent unit of Connell, had 2007 sales of $119 million. It makes metal stamping and forming tools as well as parts and systems for plastic injection molds.

Dayton Progress has about 850 employees across the U.S., Canada, Japan, Portugal, France, Germany, the Czech Republic and the United Kingdom.

Federal Signal said it will receive $60 million in net proceeds, and recognize a loss on the transaction. The deal, which is expected to close during the second quarter, will trim 2008 earnings "modestly."