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Quixote Corporation Acquires Peek Traffic Business and Revises Second Quarter Guidance; * Quixote acquires $25 million supplier of intersection control systems, advanced vehicle classification products, and red light enforcement products.

Publication: PR Newswire
Publication Date: 11-DEC-03
Format: Online
Delivery: Immediate Online Access

Article Excerpt
Quixote Corporation announced today that it has acquired substantially all of the assets and assumed certain liabilities of the North American operations of Peek Corporation, a worldwide supplier of transportation safety solutions. The $15.4 million purchase price consists of $10.9 million in cash and $4.5 million in Quixote common stock (180,723 shares valued at $24.90 per share). The acquired business, now known as Peek Traffic Corporation, had revenues of approximately $25 million for the twelve months ended November 30, 2003.

Headquartered in Palmetto, Florida, Peek Traffic was a pioneer in traffic systems dating back almost 90 years to the first electric traffic signal installed in North America. It is a major supplier of intersection control systems, advanced vehicle detection and classification products and automated red light enforcement systems. Peek Traffic sells its products predominantly through a network of over 20 distributors.

Leslie J....

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