HispanicBusiness

The 3M Co. is acquiring the electronic toll collection business and other assets of Federal Signal Corp., the companies announced Thursday, June 21.

3M, based in Maplewood, paid $110 million in cash for the deal, which also includes Federal Signal's parking management hardware and software services. Those businesses are part of the company's Federal Signal Technologies Group.

The acquisition will serve what 3M calls a "fast-growing $3 billion electronic tolling industry" which is projected to grow at greater than 12 percent per year, as government agencies rely on toll roads to fund infrastructure.

Federal Signal is headquartered in Oak Brook, Ill. The Federal Signal Technologies Group employs about 500 people and has facilities around the world.