Federal Signal to sell leasing assetsf

Federal Signal Corp. said it is selling its roughly $100 million portfolio of municipal-leasing assets to a Bank of America subsidiary, in a transaction the Oak Brook company said will generate a modest gain.

Federal makes a variety of specialized products often used by municipalities, such as street sweepers, sewer cleaners, and fire apparatus.

Leqsing has played an important role in generating sales at some of our businesses and particularly at our vehicle businesses, said chief Financial Officer Stephanie Kushner. In view of the company s recently announced plan to divest its municipal fire truck business, however, leasing becomes non-core to the corporation, the CFO added.