Free press releases distribution network?

Agency / Source: New Flyer Industries, Inc.

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!



New Flyer Announces Acquisition Of Aftermarket Parts Business From Daimler Buses North America For Approximately $29 Million - New Flyer Industries, Inc. (“New Flyer” or the “Company”) announced that it has acquired certain assets from Daimler Buses North America (“DBNA”) relating to its Orion aftermarket parts business for heavy-duty transit buses (TSX: NFI; TSX: NFI.DB.U)
New Flyer Announces Acquisition Of Aftermarket Parts Business From Daimler Buses North America For Approximately $29 Million

 

PRZOOM - /newswire/ - Winnipeg, Manitoba, Canada, 2013/03/01 - New Flyer Industries, Inc. (“New Flyer” or the “Company”) announced that it has acquired certain assets from Daimler Buses North America (“DBNA”) relating to its Orion aftermarket parts business for heavy-duty transit buses (TSX: NFI; TSX: NFI.DB.U). TSX: NFI.DB.U

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Automotive/Trucking/RV Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

• Strengthens leadership position of Company as the largest provider of aftermarket parts for the Canadian and US transit bus industry;
• Added value through combined scale, footprint and overhead utilization and management expects transaction to be accretive to earnings and cash flow.

DBNA’s Orion parts business generated revenue in 2012 of approximately $54 million, a portion of which was from supporting the nearly 10,000 Orion buses currently in operation in Canada and the United States. The purchase price for the assets was approximately $29 million (which includes an estimated $6.5 million for the purchase of accounts receivable) and is subject to post-closing adjustments for working capital which are normal and customary for these types of transactions. The purchase price was funded by using proceeds from the recently announced equity investment by Marcopolo S.A., one of the world’s leading global bus manufacturers, which made the first tranche of its investment in New Flyer, totaling C$51.7 million, on February 15, 2013.

Under the terms of the transaction with DBNA, New Flyer has:

• acquired DBNA’s Orion aftermarket parts inventory, accounts receivable and assumed certain obligations under its parts contracts with transit customers;
• acquired an exclusive license to use DBNA’s proprietary part designs for Orion buses in connection with New Flyer’s aftermarket parts business; and
• entered into an arrangement under which New Flyer will be the exclusive supplier of parts required by DBNA for customer warranty support, under Orion bus purchase contracts and pre-closing parts contracts.

The companies have also entered into a transition services agreement for an interim period following the purchase, during which time the business will be prudently and efficiently integrated into New Flyer’s business systems and four existing parts distribution centers in Canada and the US.

“This announcement follows on the co-operative relationship we have developed with Daimler Buses North America,” explained Paul Soubry, New Flyer’s President and Chief Executive Officer. “In the last eight months we have assumed 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 (for a total of 485 equivalent units).” Mr. Soubry went on to explain,“This acquisition is consistent with our strategic plan and enables New Flyer to further diversify and grow our aftermarket parts business.”

Bernd Voigt, President and CEO of Daimler Buses North America added,“It was important to DBNA that we have a market leader such as New Flyer supporting the Orion buses currently in service in Canada and the US with high quality parts and proven service. Further, DBNA required a reliable source of spare parts as we fulfill our bus warranty and support obligations to Orion customers under bus purchase contracts. Together with New Flyer, we will make sure a robust service infrastructure continues to provide a high level of service and support.”

New Flyer will provide further details and insights into its transition and integration plan as part of the next investor call scheduled for 9:00 am (Eastern time) on March 22, 2013, following the release of its 2012 year-end results. Orion customers will receive direct communication from DBNA and New Flyer regarding the transition of the business, and are asked to continue working directly with the Orion Aftermarket Parts Service Organization as usual, until further advised.

CIBC World Markets acted as financial advisor to the Company.

All dollar amounts are stated in US currency, unless otherwise noted.

About New Flyer
New Flyer (newflyer.com) is the leading manufacturer of heavy-duty transit buses in Canada and the United States. The Company’s three manufacturing facilities in Winnipeg, MB; St. Cloud, MN and Crookston, MN are all ISO 9001, ISO 14001 and OHSAS 18001 certified. The Company currently operates a parts fabrication facility in Elkhart, IN and four parts distribution centers in Winnipeg, MB; Brampton, ON; Erlanger, KY and Fresno, CA. The Company also operates a service center in Arnprior, ON.

With a skilled workforce of over 2,200 employees, New Flyer is a technology leader, offering the broadest product line in the industry, including drive systems powered by clean diesel, LNG, CNG and electric trolley as well as energy-efficient diesel-electric hybrid vehicles. New Flyer has delivered over 32,000 heavy-duty buses in Canada and the United States. All products are supported with an industry-leading, comprehensive parts and service network. Further information is available on New Flyer’s website.

The common shares and convertible unsecured subordinated debentures of New Flyer are traded on the Toronto Stock Exchange under the symbols NFI and NFI.DB.U, respectively.

Forward-Looking Statements
This press release may contain forward-looking statements relating to expected future events, including the parts supply and licensing arrangements between New Flyer and DBNA, the integration of the acquired business into New Flyer’s existing business, the diversification and growth of New Flyer’s aftermarket parts business and the accretive effects of the transaction to earnings and cash flow of New Flyer. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward-looking statements, and the differences may be material. Actual results may differ materially from management expectations as projected in such forward-looking statements for a variety of reasons, including risks related to acquisitions, joint ventures and other strategic relationships with third parties, market and general economic conditions and economic conditions of and funding availability for customers to purchase buses and to purchase parts or services, customers may not exercise options to purchase additional buses, the ability of customers to terminate contracts for convenience and the other risks and uncertainties discussed in the materials filed with the Canadian securities regulatory authorities and available on SEDAR at sedar.com. Due to the potential impact of these factors, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Automotive/Trucking/RV Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Agency / Source: New Flyer Industries, Inc.

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick PRZOOM - Press & Newswire Visibility Checker

 

Distribution / Indexing: [+] / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
Automotive/Trucking/RV articles,
CATCH Visitors via Your Competitors Announcements!


New Flyer Announces Acquisition Of Aftermarket Parts Business From Daimler Buses North America For Approximately $29 Million

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name PRZOOM - Press & Newswire and LINK as the source.
 
  For more information, please visit:
Is this your article? Activate ALL web links by Upgrading to Press Release PREMIUM Plan Now!
New Flyer Industries Inc. |
Contact: Glenn Asham - NewFlyer.com 
204-224-1251 investor[.]newflyer.com
 
PRZOOM / PRTODAY - Newswire Today disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any New Flyer Industries, Inc. securities in any jurisdiction including any other companies listed or named in this release.

Automotive/Trucking/RV via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!




Read Latest Press Releases From New Flyer Industries, Inc. / Company Profile


Read Automotive/Trucking/RV Most Recent Related Press Releases:

The NEOPLAN Skyliner Has Been Awarded The ‘International Busplaner Sustainability Prize 2017’
First Transports in Networked Trucks - DB Schenker and MAN Agree on Platooning Project
MAN Truck & Bus Are Placing the New MAN TGE Under Static Scrutiny As Part of A Van Bodybuilders’ Day Today
MAN Lion's Intercity is Russia’s Intercity Bus of the Year
Enel and Nissan Present First All-inclusive Electric Mobility Solution
MAN Truck & Bus Korea Launched MAN Lion’s Touring - The First and Only Cabriolet Bus for Sightseeing Tours in Korea
Influx of Cheap Imports Floods the Automotive Filter Aftermarket Says Frost & Sullivan
BASF Introduces Latest Robust Connectors for Automotive Wire Harnesses
Man Group Announces 100 NEOPLAN Skyliner Coaches for Rome
BASF Introduces Synthetic Leather Made with Elastollan® - Makes Car Seats More Comfortable

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
 
NewswireToday Celebrates 10 Years in Business
Find business coaching, life coaching, executive coaching and corporate coaching, best selling coaching books, ...



PREMIUM Members


Visit  Triggr & Bloom

Visit  JobsWare.com

Visit  La Bella Bakery Artisan Bakery Arizona







 
  ©2016 PRZOOM — Limelon Advertising, Co.
Home | About PRZOOM | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR free press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneur newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today