Oak Brook, Ill. - Tooling component supplier PCS Co. and its parent will be sold to a Boston-based investment firm that already owns other tooling supply businesses.
Federal Signal Corp. announced April 4 it has reached an agreement to sell Dayton Progress Corp. - which includes PCS of Fraser, Mich. - to Connell LP.
Dayton Progress, based in Dayton, Ohio, has annual sales of $119 million, and makes punches, pilot dies and other equipment for metal stamping. Its PCS subsidiary makes mold bases, tooling components and hot-runner systems for the plastics industry.
Federal Signal, based in Oak Brook, has been seeking a buyer for its industrial tooling group, which employs 850 in North America, Japan and Europe. The sale is worth $60 million.
At Connell, Dayton and PCS will join a portfolio of companies that also includes Anchor Danley Cos., which makes die and mold components for plastics and metal tooling.
