Post by wardengine on Jul 17, 2008 8:56:17 GMT -5
Federal Signal Corp. said late Wednesday that it has agreed to sell its E-One fire-rescue subsidiary to a buyout group that includes E-One management, for about $20 million.
The Oak Brook maker of street sweepers, sewer-cleaning equipment and other equipment used by municipalities, put the Ocala, Fla.-based fire-truck subsidiary up for sale earlier this year, and it recorded a $58.4 million first-quarter charge to write down the value of the struggling business.
E-One management will participate in the buyout, in combination with the private-equity firm of American Industrial Partners.
Federal Signal, in a disclosure released after the stock market's close Wednesday, said it expects the transaction to close within 30 days.
The Oak Brook maker of street sweepers, sewer-cleaning equipment and other equipment used by municipalities, put the Ocala, Fla.-based fire-truck subsidiary up for sale earlier this year, and it recorded a $58.4 million first-quarter charge to write down the value of the struggling business.
E-One management will participate in the buyout, in combination with the private-equity firm of American Industrial Partners.
Federal Signal, in a disclosure released after the stock market's close Wednesday, said it expects the transaction to close within 30 days.