3M to acquire electronic toll collection business

The US based 3M Company is acquiring the electronic toll collection business and other assets of another US company Federal Signal Corporation. 3M 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 the fast-growing $3 billion electronic tolling industry. The electronic tolling industry is estimated to grow at more than 12% per year, as government agencies rely on toll roads to fund infrastructure.