Heavy-duty transit bus manufacturer New Flyer has spent about $29m to acquire assets of the Daimler Buses North America's (DBNA) Orion aftermarket parts for heavy-duty transit buses in Canada.
The company has purchased Orion aftermarket parts' inventory, accounts receivable, license to use proprietary part designs for Orion buses and included certain regulations.
Under the purchase, the manufacturer has entered into an arrangement to supply the parts to DBNA for customer warranty support.
New Flyer president and chief executive officer Paul Soubry said, "This acquisition is consistent with our strategic plan and enables New Flyer to further diversify and grow our aftermarket parts business."
The funding for the acquisition is claimed to be obtained from the equity investments of $50.3m made by the Marcopolo in New Flyer on 15 February 2013.
Orion parts business had reported revenue of about $54m in 2012.
