Federal Signal Announces E-ONE Sale Agreement

    OAK BROOK, Ill., July 16 /EMWNews/ -- Federal Signal

Corporation (NYSE: FSS), a leader in advancing security and well-being,

today announced that it has signed a definitive agreement to sell E-ONE, a

manufacturer of fire apparatus located in Ocala, Florida for approximately

$20 million to American Industrial Partners. AIP has confirmed that E-ONE

management will invest alongside AIP as significant shareholders of the

company. The transaction is expected to close within 30 days. BMO Capital

Markets has acted as the exclusive financial advisor to Federal Signal on

this deal.



    Jim Goodwin, interim CEO stated, "We are pleased to be nearing

completion of this divestiture. The E-ONE employees in Ocala, Florida have

been a part of Federal Signal for many years. With a strong management team

led by Peter Guile, and the experience of American Industrial Partners, I

am confident that the future of E-ONE is in good hands and that they will

be able to focus on continuing to build quality, innovative fire apparatus

and growing their customer base. I would like to thank all of the E-ONE

employees as well as the dealers and customers who have supported E-ONE

while it has been part of Federal Signal."

    About Federal Signal



    Federal Signal Corporation (NYSE: FSS) is a leader in advancing

security and well-being for communities and workplaces around the world.

The company designs and manufactures a suite of products and integrated

solutions for municipal, governmental, industrial and airport customers.

Federal Signal's portfolio of trusted, high-priority products include

Bronto aerial devices, Elgin and Ravo street sweepers, E-ONE fire

apparatus, Federal Signal safety and security systems, Guzzler industrial

vacuums, Jetstream waterblasters and Vactor sewer cleaners. Federal Signal

was founded in 1901 and is based in Oak Brook, Illinois.

http://www.federalsignal.com



    About American Industrial Partners:



    American Industrial Partners is a leading middle market private equity

firm that makes control equity investments in mid-sized industrial

companies that can benefit from the firm's systematic approach to

implementing strategic and operational improvements. AIP was founded in

1989 and has managed three prior investment funds which total over $1

billion of equity capital. AIP is currently investing its fourth fund. For

more information, visit http://www.aipartners.com or American Industrial

Partners can be reached at 212-627-2360.