A company that has global reach and is based in Illinois recently announced a purchase of a manufacturer in Greene County.

Federal Signal Corporation has signed an agreement to acquire Scranton Manufacturing Company, New Way Trucks, which builds refuse collection vehicles, for a reported $396 million. According to Federal Signal, as part of the agreement, they will also pay $30 million for additional consideration to New Way’s manufacturing facilities and associated real estate rights in both Iowa and Mississippi. 

Federal Signal says as a family-owned business, New Way is one of the fastest-growing refuse truck manufacturers in North America and has a strong reputation for quality, reliability and customer service. New Way builds automated side loaders, along with rear and front loaders in its two primary US locations, while also serving municipal and private-hauling customers. 

New Way CEO Michael McLaughlin says joining Federal Signal is a new chapter for the company and as a family-owned business, they take pride in the history of innovation, customer focus and growth. He points out that Federal Signal is the right cultural fit to continue building on their legacy and accelerate the company’s growth prospects. Federal Signal CEO Jennifer Sherman is excited to welcome New Way’s 750 employees as this acquisition establishes a new vertical within their specialty vehicle portfolio. 

Federal Signal has a global reach as they operate in two groups including environmental solutions and safety and security systems. According to Federal Signal, the initial purchase assumes a cash-free, debt-free transaction.