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New Flyer buys the Orion aftermarket parts business of Daimler Bus for US$29M
WINNIPEG - New Flyer Industries Inc.(TSX:NFI) has purchased a business unit that supplies repair parts for heavy-duty transit buses for about US$29 million.
New Flyer says the Orion aftermarket parts business, formerly part of Daimler Buses North America, generated revenue of about $54 million last year.
The purchase price, which includes an estimated $6.5 million in accounts receivable, is subject to post-closing adjustments for working capital.
New Flyer said Friday the acquisition was funded from proceeds an investment by Marcopolo S.A., which paid the first installment of US$51.7 million on Feb. 15.
"This announcement follows on the co-operative relationship we have developed with Daimler Buses North America," New Flyer president and CEO Paul Soubry said.
In the last eight months, New Flyer has taken on two Orion bus manufacturing contracts — one for New York City Transit and the other for King County Metro in Seattle — for a total of 194 firm bus orders and options for an additional 291 buses.
"This acquisition is consistent with our strategic plan and enables New Flyer to further diversify and grow our aftermarket parts business," Soubry said.
New Flyer is the leading manufacturer of heavy-duty transit buses in Canada and the United States with manufacturing facilities in Winnipeg and in St. Cloud and Crookston, Min.
Together with a parts fabrication facility in Elkhart, Ind., and four parts distribution centres in Winnipeg, Brampton, Ont., Erlanger, Ky. and Fresno, Calif, and a service centre in Arnprior, Ont., it employs some 2,200 people.
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