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New Flyer Industries Inc Announces Acquisition Of After Market Parts Business From Daimler Buses North America For Approximately $29 Million

Friday, 1 Mar 2013 08:59am EST 

New Flyer Industries Inc announced that it has acquired certain assets from Daimler Buses North America (DBNA) relating to its Orion after market parts business for heavy-duty transit buses.Under the terms of the transaction with DBNA, New Flyer has: acquired DBNA's Orion after market 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 after market 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. 

Company Quote

-0.06 -0.49%
9 Jul 2014