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Slide #92. New Flyer Industries Inc. — North American Bus Industries, Inc.
New Flyer Industries Inc. (TSE:NFI.CA)
North American Bus Industries, Inc.
New Flyer Industries Inc. ("New Flyer" or the "Company") today announced the acquisition of North American Bus Industries, Inc. ("NABI") from an affiliate of Cerberus Capital Management, L.P. for cash consideration of approximately $80 million, virtually all for the satisfaction of affiliate debt. The acquisition excludes discontinued operations in Hungary and substantially all related assets and liabilities. NABI was founded in 1992, and was known prior to October 1996 as American Ikarus. The completion of the acquisition and related financing transactions is subject only to confirmation of the required wire transfers of funds which is expected later today.
NFI Group is a bus and coach manufacturer. Through its subsidiaries, New Flyer Industries Canada ULC, New Flyer of America Inc., Carfair Composites Inc. and TCB Enterprises, LLC., Co. designs and manufactures a variety of transit buses from 30-feet to 60-feet in length with diverse propulsion systems, including clean diesel, diesel-electric hybrid, compressed natural gas, battery-electric, electric trolley and hydrogen fuel cell electric. Co.'s subsidiary, Alexander Dennis Limited designs and manufactures lightweight single and double deck buses with a range of low and zero emission propulsions, including clean diesel, diesel-electric hybrid, biogas, and battery-electric.
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