New Flyer buys American small-bus manufacturing company
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Hey there, time traveller!
This article was published 01/12/2017 (3174 days ago), so information in it may no longer be current.
Winnipeg bus maker New Flyer Industries Inc. has paid US$95 million for a low-floor bus maker out of Indiana called ARBOC Specialty Vehicles, LLC .
ARBOC is a pioneer in low-floor bus technology and makes cutaway style small buses that are 6 1/2 to 10 1/2 metres (21 to 35 feet) in length used in transit, paratransit and shuttle applications.
Its production of 2,500 buses over the past five years accounted for more than 70 per cent of the total U.S. and Canadian market.
The company employs approximately 100 people and has a facility in Middlebury, Ind.
New Flyer says ARBOC’s management team will remain in place.
Management expects ARBOC will deliver approximately 500 buses in 2018 with revenue of about US$37.8 million, up from roughly 360 buses in 2017.
ARBOC’s current firm backlog for 2018 includes over 320 orders.
New Flyer, which also owns Motor Coach Industries and generated $2.27 billion in revenue in 2016, will use available cash and its existing credit facilities to finance the transaction.