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TECHNOLOGICAL WATCH

Type of information: NEWS

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New Flyer Acquires Carlson Engineered Composites Inc.

Winnipeg, Manitoba, Canada, June 1, 2017:  (TSX:NFI) (TSX:NFI.DB.U)  New Flyer Industries Inc. (“New Flyer” or the “Company”), the largest transit bus and motor coach manufacturer and parts distributor in North America, announced today that it has acquired Carlson Engineered Composites Inc. (“Carlson”) and the assets of its US affiliated companies, a privately-owned composites company, headquartered in Winnipeg, Manitoba for USD $13 million, subject to certain normal and customary purchase price adjustments.

Carlson manufactures fiberglass reinforced polymer (FRP) components primarily to original equipment manufacturers of transportation vehicles and agricultural equipment, with 2016 sales exceeding USD $38 million. Carlson currently employs over 300 people at three production facilities totaling 235,000 square feet and located in Winnipeg, MB; St Cloud, MN and Anniston, AL.

Carlson’s business began in 1985 with industrial and custom part fabrication, from which evolved a line of fibre-glass reinforced plastic (FRP) water and sewage tank manufacturing. The business later expanded with the introduction of a line of truck caps and other recreational vehicle parts. Carlson then became involved in the development and supply of FRP parts and sub-assemblies to the transportation industry.

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» Publication Date: 13/06/2017

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