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Progress Rail acquires majority assets of Blue Industrial Group

FOR IMMEDIATE RELEASE

Albertville, Ala. (June 2, 1998) -- Progress Rail Services Corporation announced today that it has entered into an agreement to acquire the majority of the assets of the Blue Industrial Group, based in Louisville, Kentucky.

The pending acquisition includes substantially all of the assets and operations of Louisville Scrap Material Company, Inc., KY Railquip, Inc., LSM-Roanoke, Inc., and Indigo Rail Resources, LLC. These companies are primarily engaged in commercial metals recycling and brokerage, railcar dismantling, the reconditioning of parts for railroad freight cars, and railcar resale and leasing.

Completion of the acquisition is subject to normal due diligence and customary review by federal regulatory agencies. Closing is expected by June 15. Terms of the transaction were not disclosed.

"This acquisition is an excellent strategic fit with the Progress Rail group of companies," said Progress Rail President William P. Ainsworth. "Their strategically located facilities, when added to Progress Rail's existing facilities, will enable us to increase the service level to our customers. This investment reflects our continuing commitment to provide our customers the highest quality service and most competitively priced products available," continued Ainsworth.

"Progress Rail's customer oriented philosophy will enable the Blue Group of companies to continue to expand the level of service that has been the focal point of our organization since its founding in 1913," said David Blue, CEO of the Blue Industrial Group.

Ainsworth announced Blue Industrial Group executives, Todd L. Blue, Jonathan S. Blue, and Douglas C. Smith will continue in management positions with Progress Rail.

Progress Rail is the largest integrated processor of railroad materials in the U.S., and is a leading supplier of new and reconditioned freight car parts, rail, rail welding and trackwork components, car repair facilities, railcar and locomotive leasing, and maintenance-of-way equipment. It has facilities in 16 states, Canada and Mexico.

Progress Rail is a subsidiary of Electric Fuels Corporation, the lead company in the energy and transportation group of Florida Progress Corporation (NYSE:FPC), a diversified utility holding company based in St. Petersburg, Fla. Florida Progress is the parent company of Florida Power Corporation, the state's second largest electric utility.