Exhibit 99.1


                                  PRESS RELEASE

                   KOHLBERG & COMPANY COMPLETES ACQUISITION OF
                              STANADYNE CORPORATION


Windsor, CT. August 6, 2004: Stanadyne Corporation announced today that the
stockholders of the company's parent, led by American Industrial Partners,
completed the sale of their stock to an affiliate of Kohlberg & Company, L.L.C.
The proposed transaction was previously announced on June 23, 2004. The
transaction totaled approximately $330 million, which was financed by $105
million of equity, $160 million of new senior subordinated notes and $65 million
of borrowings under a new term loan credit facility.

Stanadyne is a leader in technology and services for engine components and fuel
systems including diesel fuel injection and filtration systems, valve train
components, and fuel supply pumps used in agricultural, construction, industrial
and automotive vehicle and equipment applications. Stanadyne is headquartered in
Windsor, Connecticut and has facilities in the United States, Brazil, France,
Italy, and India.

Goldman, Sachs & Co. acted as M&A advisor to American Industrial Partners on the
transaction.

Founded in 1987, Kohlberg & Company, L.L.C. is a private merchant banking firm
with offices in Mt. Kisco, New York and Palo Alto, California. Through its
affiliates, Kohlberg & Company, L.L.C. has completed more than 75 acquisitions
and recapitalization transactions in a variety of industries.