Skip to main content

3M to acquire toll road technology firm

Maplewood-based 3M Co. has agreed to pay $110 million in cash to buy Federal Signal Technologies Group, which focuses on electronic toll collection and parking management software services.
  • Author:
  • Updated:
    Original:

Maplewood-based 3M Co. has agreed to pay $110 million in cash to buy Federal Signal Technologies Group, which focuses on electronic toll collection and parking management software services.

Next Up

Keith Ellison

Minnesota bans fraudulent company targeting student loans holders

The settlement will return the full amount collected from Minnesota customers.

Screen Shot 2022-10-07 at 11.13.49 AM

Celebrated barefoot water skier died in accident on Brooklyn Center lake

Paul Oman died in a barefoot water skiing accident on Sept. 12.

Screen Shot 2022-10-07 at 10.49.51 AM

Sisters now living in MN win $80K over treatment at Texas border facility

Kerlin Sanchez Villalobos and her sister were awarded a settlement of $80,000.

Minneapolis Fire Department

Series of garage fires cause damage in south Minneapolis

Two of the fires occurred on the 4500 block of Snelling Avenue.

Cedric Alexander

Minneapolis’ public safety chief spends evening mocking, blocking on Twitter

The community safety commissioner responded to one user's question about downtown policing by calling them two-faced.

Screen Shot 2022-10-06 at 4.04.40 PM

Ramen bar announced for upcoming Eat Street Crossing food hall

The restaurant roster is filling up at Eat Street Crossing.

police lights squad car dark - Unsplash

Man dies after being shot during argument in Minneapolis

It's the 70th homicide in Minneapolis this year.

NearNorthEncampment

Minneapolis police, city employees clear out Near North encampment

This comes as colder weather moves through the state.

Screen Shot 2022-10-06 at 4.32.46 PM

New T.J. Maxx to open in the Twin Cities this month

Opening day will kick off with extended hours.

Screen Shot 2022-10-06 at 3.04.24 PM

Former Hennepin County commissioner arrested for DWI

The 61-year-old was being held in Hennepin County Jail as of Thursday morning.

Related

3M eyes facial recognition technology despite privacy concerns

From social media to thwarting crime and terrorism, facial recognition technology is becoming a big business and one Minnesota company is looking to cash in. A couple years ago, Maplewood-based 3M acquired the California company Cogent, which develops a variety of identification systems, for nearly $1 billion. 3M Cogent marketing director Teresa Wu tells the Star Tribune, "The next step in applications will be face-in-the-crowd -- identifying people at long distance."

3M still wants to acquire Avery Dennison division despite DOJ concerns

3M Co. still wants to complete a $550 million deal to buy Avery Dennison Corp.'s office-products division, according to a Wednesday morning statement. On Tuesday, the U.S. Department of Justice said the Maplewood-based company decided to terminate the proposed acquisition after the agency threatened to block the deal.

3M still working on a deal to acquire Avery Dennison division

3M's chief financial officer says the Maplewood-based company is still trying to address objections by the U.S. Department of Justice to purchase Avery Dennison's office-supplies division for $550 million. Reuters reports CFO David Meline told investors, "We have a contract that remains in place at the present time and we are reviewing the situation."

3M settles lawsuit over Cogent purchase

Both 3M and Cogent deny any wrong doing, but have agreed to pay $1.9 million to shareholders and their attorneys. Bloomberg reports the investors claim Cogent CEO Ming Hsieh favored 3M to collect a retention bonus. The Maplewood-based company paid about $943 million in 2010 for Cogent.

3M posts record, but trims yearly profit outlook on currency concerns

3M Co. posted a record third-quarter earnings of $1.65 per share, an increase of 8.6 percent increase from a year earlier, but cut its profit expectations for all of 2012 because of "current economic realities." The Maplewood-based company, which makes everything from office supplies to specialized coatings, expects to earn $6.27 to $6.35 per share for the year, down from $6.35 to $6.50, CNBC reports.

PepsiCo hires 3M's chief design officer

After 10 years at Maplewood-based 3M, Mauro Porcini will now focus on expanding Pepsi's 12 biggest brands, Fast Company reports. At 3M, Porcini had a role in designing office supplies, health care products and built a sought-after design team. Porcini joins PepsiCo on July 2.

Kansas withholding millions from 3M Co.

Kansas officials say they won't pay 3M the remaining $4 million the state owes on its $25 million contract until the Maplewood-based vendor fixes the state's new $40 million motor vehicle system. Among the issues, the Topeka Capital-Journal reports the new software didn't convert more than 70,000 records correctly and counties continue to report other problems three months after the May launch.

Kansas still withholding $2M from 3M over DMV software glitches

3M Co. has yet to receive its final $2 million payment from Kansas for its DMV motor-vehicle software contract, the Topeka Capital-Journal reports. State officials say the new $40 million system is still too buggy and won't pay off the remaining $25 million contract until the issues are fixed, including system response times, availability, bugs and maintenance.