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The acquisition represents a continuation of NFI Group’s growth and diversification strategy and was not subject to any pre-closing regulatory or antitrust requirements. NFI Group is using available cash and its existing credit facilities to finance the transaction.
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The new order, which adds a total of 24 equivalent units to New Flyer’s backlog, supports aged fleet replacement and the GET bus focus on environmental sustainability.
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The decision was spurred by Metro’s commitment to all-electric transit buses by 2030, and was supported by the Federal Transit Administration Local Labor Hiring Pilot Program.
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Over the past five years, New Flyer conducted intensive research, development and testing to improve the design, performance, and technological advancement of the battery-electric Xcelsior bus.
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NFI Parts represents the OEM product lines of New Flyer and MCI, distribution of the Setra brand, and the prior acquisitions of NABI and the Orion parts business.
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