Federal Signal designs and manufactures specialty vehicles and safety equipment for municipal governments, utilities, and industrial customers. The company operates through two segments: Environmental Solutions Group (ESG, ~85% of sales) and Safety and Security Systems Group (SSG, ~15% of sales). ESG makes sewer cleaners and vacuum trucks (Vactor), safe-digging trucks (TRUVAC), street sweepers (Elgin), industrial vacuum loaders (Guzzler), refuse collection vehicles (New Way), dump truck bodies (Ox Bodies/Rugby), road marking equipment (MRL/Hog), and mining support vehicles (Ground Force/TowHaul). SSG makes lightbars, sirens, and public warning systems sold to police, fire, emergency services, and industrial facilities. Federal Signal sells to municipal customers through a dealer network and to industrial customers via direct sales or distributors. Revenue is driven by unit volume, pricing, aftermarket mix, and M&A contributions. Aftermarket parts, service, rentals, and training now represent roughly 26% of ESG revenue, up from under 10% before 2016, which has improved margins and reduced cyclicality. Federal Signal's growth strategy combines organic expansion into adjacent product categories, dealer development, new product launches, and a consistent M&A playbook — acquiring niche businesses, applying lean manufacturing and 80/20 principles, and expanding the aftermarket ecosystem. Over 95% of direct supplies are sourced domestically, limiting tariff exposure.