OCALA, Fla., May 2 /PRNewswire-FirstCall/ -- The Board of Federal Signal Corporation has approved a plan to sell E-ONE, a leading manufacturer of fire rescue and other mission critical vehicles. In February, Federal Signal announced that it was exploring strategic alternatives for E-ONE and was in discussions with prospective buyers.
Peter Guile, president of E-ONE, stated, "The Board's approval of a plan to sell E-ONE is an important step for the Company and reinforces our commitment to make the transfer to new ownership expeditiously. E-ONE is making solid progress in its turnaround plan; the business is cash positive and we expect to see ongoing improvement as the year progresses. We have been making changes to better meet the needs of our customers in terms of products and services, and the results are showing both in strong order bookings and market share gains."
In the first quarter of 2008, E-ONE orders increased 19% year-over-year; US municipal and government orders were up 19% and exports were up 22%. The increase domestically is partly attributed to a strengthening dealer network and expanded coverage in previously underserved market areas. Internationally, E-ONE experienced strong demand for its sophisticated airport response vehicles and aerial apparatus.
Guile continued, "Our goal is to leverage our advanced engineering capabilities to bring industry-leading products and solutions to customers. At the FDIC show in April, E-ONE introduced several innovative new safety features, cutting-edge communications technology, and a new top-mount enclosed pumper design providing greater storage space with a shorter wheelbase. Product innovation and customer support are the foundation of our future and will remain as top priorities throughout E-ONE's transition to another parent company."
With the decision to sell E-ONE, Federal Signal has adjusted its financial reporting to remove E-ONE from its portfolio of continuing operations. Federal Signal has begun presenting E-ONE within discontinued operations as required by the accounting standards for assets held for sale.
As a leading manufacturer of fire rescue vehicles, E-ONE engineers and builds a complete line of apparatus including hazardous materials units, explosive ordnance disposal vehicles, command centers and aircraft rescue vehicles. E-ONE is an ISO 9001 registered manufacturer and is a subsidiary of Federal Signal Corporation, listed on the New York Stock Exchange as . When lives are in the balance and seconds count.