Falkirk based bus-manufacturing giant Alexander Dennis (ADL) has been acquired by Canadian firm NFI Group in a £320 million deal.
Stagecoach founders Sir Brian Souter and Dame Ann Gloag owned more than half of the long-standing company.
The deal will see Colin Robertson, chief executive of ADL, take up the reigns of NFI’s international operations from Scotland.
Mr Robertson said: “This is an exciting day for our company and people. We can be proud of the transformation of our company from a traditional UK bus builder to a global leader with annual revenue in 2018 exceeding £630m.
“We look forward to becoming an important part of NFI while retaining our identity.
“This partnership is a complementary fit for both parties, allowing sharing of best practice and technology development, to form one of the largest independent bus and coach manufacturers in the world.”
NFI Group has over almost 9,000 staff operating from more than 50 facilities across 10 countries, and manufactures a range of coaches.
Paul Soubry, president and chief officer of NFI, said: “We’re thrilled to have ADL join the NFI family and to be investing in such a great engineering and manufacturing success story, and a company we already know so well.
“ADL is an outstanding company with a strong track record and we look forward to working with the whole team to build more success on those solid foundations.”
Union Unite is seeking an urgent meeting with NFI and asking for assurances on jobs following the announcement.
jimillar@thecourier.co.uk
