Federal Signal Corp. announced Wednesday it has reached an agreement to acquire Scranton Manufacturing Co., d.b.a. New Way Trucks, in a $396 million deal. As part of the agreement, Federal Signal will also pay $30 million for New Way’s manufacturing facilities in Iowa and Mississippi, along with potential earn-out payments of up to $54 million tied to financial targets. The transaction is expected to close in the fourth quarter of 2025, pending regulatory approval. New Way, the family-owned business with more than 750 employees, is one of the nation’s fastest-growing refuse truck makers and the leading U.S. producer of automated side loaders. New Way CEO Michael McLaughlin says, “As a family-owned company, we take great pride in our history of innovation, customer focus, and growth. Serving the local communities in which we operate and our commitment to employees are both of paramount importance to our company, and we believe that Federal Signal shares these values. They represent the right cultural fit to continue building on that legacy, while accelerating New Way’s growth prospects going forward.” Other subsidiaries of the McLaughlin Family Companies, such as Bowie, New Way Ford dealerships, Fast Lane, and others, are not included in the purchase agreement with Federal Signal. Carroll Broadcasting will bring you more information as details become available.
