American Industrial Partners Announces Acquisition of E-ONE, Inc., a subsidiary of Federal Signal Corporation

New York, NY, August 5, 2008 – American Industrial Partners Capital Fund IV, L.P. (“AIP”) today announced that it has acquired E-ONE, Inc. (“E-ONE” or the “Company”), a subsidiary of Federal Signal Corporation. E-ONE is a leading supplier of fire rescue vehicles including aerials, pumpers, rescues, mobile command centers and aircraft rescue fire fighting (ARFF) vehicles.

E-ONE was founded in 1974 and is headquartered in Ocala, Florida. The Company has one of the largest installed bases in the industry and sells one of the broadest product lines covering nearly every type of fire rescue apparatus. Throughout its history, the Company’s name has been synonymous with quality and innovation and its products are distributed by one of the industry’s leading dealer networks.

Dino Cusumano, a managing partner of American Industrial Partners, said, “We believe in the leadership of Peter Guile and the depth and experience of the E-ONE management team and employee base. We are confident that our partnership with E-One management will create an industry leading company. E-ONE is a premier brand name in the fire rescue market and has a tremendous franchise that we can build on. Our operating resources will allow the Company to achieve its full potential as an industry leader.”

Peter Guile, Chief Executive Officer of E-ONE, said, “Under our new ownership, we are implementing a comprehensive agenda of operating initiatives targeted at achieving industry leadership in areas such as quality, delivery, cost, product performance, and aftermarket support. We believe the unique resources and expertise of AIP will help E-ONE achieve significant success as an independent company.”

E-ONE’s Board of Directors will include Gene Goodson and Donn Viola who each have substantial experience in the fire rescue and heavy truck industries. Gene Goodson is the former Chairman and CEO of Oshkosh Truck. Donn Viola is the former Chief Operating Officer of Mack Trucks.

Gene Goodson stated, “It is exciting to be involved with a company with such high potential as E-ONE. The challenges and opportunities in the fire apparatus industry have changed dramatically in the past ten years and I look forward to being part of such a dynamic industry.”

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 www.aipartners.com.

About E-ONE, Inc.
As a leading manufacturer of first responder vehicles, E-ONE engineers, manufactures and markets mission-critical vehicles including custom and commercial pumpers, rescues and tankers, aerial ladders and platforms, command and communication vehicles, quick attack units, industrial trucks, and aircraft rescue firefighting vehicles. The company sells its products worldwide and is headquartered in Ocala, Florida. E-ONE is an ISO 9001 registered and CCC certified manufacturer. For more information on E-ONE, visit www.e-one.com.