Federal Signal Corporation (NYSE: FSS) said Wednesday it will acquire Scranton Manufacturing Company Inc., known as New Way Trucks, in a $396 million deal, plus $30 million for facilities in Iowa and Mississippi. The agreement also includes up to $54 million in performance-based earnouts.
New Way, a family-owned business, is among the fastest-growing makers of refuse collection vehicles in the U.S. Its lineup includes rear, front, and automated side loaders, with a strong presence among municipal and private customers. The acquisition, expected to close in the fourth quarter of 2025 pending regulatory approval, broadens Federal Signal’s waste management footprint.
