An Ozaukee County judge will not block voters in the city of Port Washington from voting on an ordinance that would give residents more power over local development incentives.
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“Every small town needs small businesses so communities can thrive,” Guerrero said. “You need a space where people can get out of their homes, spend time together and feel part of something.”
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Blue Bird Corporation announced its pending acquisition of the remaining 50-percent equity interest in Micro Bird, a joint venture with Canadian bus manufacturer Girardin Minibus. The $198.2 million deal, which values Micro Bird at $429.6 million, is expected to close by the end of the second quarter, pending regulatory approval and customary closing conditions.
The OEM confirmed Micro Bird President Eric Boule and his current management team continue to oversee day-to-day operations.
The Micro Bird brand originated in the mid-1970s, when Blue Bird introduced its first Type A school bus built on a cutaway van chassis. Blue Bird entered a supply agreement with Girardin Minibus in 1992 to build the Micro Bird in Quebec. The most recent joint venture between Blue Bird and Girardin was signed in 2009, which created Micro Bird, Inc.
The transaction announced Tuesday is funded through a combination of 70-percent stock and 30-percent cash. It includes the $16.5 million purchase of Micro Bird’s new manufacturing facility in Plattsburgh, New York and the transfer of its OEM service parts inventory for $400,000, according to a company presentation on the deal strategy and structure. Blue Bird said it plans to issue 2.7 million shares to fund the stock portion and use $154.2 million in cash for the remainder.
Blue Bird said the acquisition is expected to enhance the company’s market share in the K-12 student transportation industry by expanding its product portfolio to include a comprehensive lineup of Type A, C and D buses powered by diesel, gas, propane, and electric powertrains. The deal will also double Micro Bird’s addressable market in the U.S., thanks to its compliance with Buy America requirements, and strengthen Blue Bird’s presence in Canada.
The transaction is projected to be immediately accretive to earnings, with an estimated 8.2 percent increase in earnings per share in fiscal year 2026. Blue Bird’s pro forma revenue is expected to grow from $1.5 billion to $1.9 billion, while adjusted EBITDA is forecasted to increase from $225 million to $250 million. The company said it anticipates long-term revenue growth to reach $2.5 billion by 2030, with an EBITDA margin exceeding 15 percent.
Micro Bird, known for its high-quality school, commercial and electric buses, is well-positioned for long-term growth. Blue Bird said the acquisition will enable it to leverage Micro Bird’s expertise in electric vehicle technology, streamline development and expand into adjacent markets such as commercial and specialty vehicles as well as drive engineering efficiencies, enhance market share, and deliver value to shareholders through profitable growth and stock buybacks.
This article is developing.
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She Slangs Wood's Tonda Thompson is on a mission to educate and empower people in Milwaukee through woodworking.
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Tristan Wright, founder and president of Lost Boy Cider, stands near his production line on Feb. 6, 2026, in Alexandria, Virginia. (Photo by Ashley Murray/States Newsroom)
WASHINGTON — Aluminum cans rolling off Virginia cider maker Tristan Wright’s production line cost more because of increased tariffs on aluminum.
Minnesota baby product inventor and seller Beth Benike ran out of inventory and lost income for months last year when President Donald Trump sparked a trade war with China.
Maryland dog apparel producer Barton O’Brien pulled the plug on a new line of Irish-style fisherman sweaters. Importing from his manufacturers in India became unfeasible.
Pennsylvania glass and ceramic decorator Walt Rowen worries about his tariff bill each time he replenishes stock.
“If there’s one thing that’s universal in business, no matter what you’re doing, it’s that stability and calmness create a positive market,” said Rowen, a third-generation owner of Susquehanna Glass Company in eastern Pennsylvania.
But many small business owners feel anything but calm since Trump began his whiplash trade policy shortly upon starting his second term. And now they are waiting on the U.S. Supreme Court, which has been mulling since November what was supposed to be an expedited opinion on whether large shares of the president’s unilateral emergency tariffs are legal.
The Supreme Court is not scheduled to release opinions again until Feb. 20.
In a tariff impact survey to roughly 3,000 small business members from June to November 2025, the advocacy group Main Street Alliance found that 81.5% indicated they may raise prices to offset tariff costs, 41.7% reported they would delay business expansion and 31.5% said employee layoffs were likely if tariff rates remained unchanged.
The U.S. Chamber of Commerce estimated as of August that Trump’s tariff policies will cost America’s roughly 236,000 small businesses about $200 billion annually.
Tariffs are taxes paid by U.S. importers to U.S. Customs and Border Protection on goods purchased from abroad.
Trump began using the novel approach of imposing tariffs under the International Emergency Economic Powers Act, or IEEPA, just over a year ago.
As the first president to use the 1970s emergency statute to trigger import taxes, Trump slapped duties in February 2025 on products from Canada, Mexico and China, pointing to a crisis of illicit fentanyl smuggling.
He next targeted global imports in April with a universal 10% import tax, adding varying “reciprocal” tariffs on goods from numerous trading partners — all due to his declared emergency on trade deficits.
A handful of small business owners, led by a New York-based wine and spirits importer, sued and won in two lower courts.
Trump appealed to the Supreme Court and was granted an expedited case.
The justices grilled the government and lawyers for the small businesses in early November on whether the president legally used the statute — which does not include the word tariffs — and if his presidential power extends to unilaterally upending trade policy.
The arguments attracted rare appearances in the courtroom from Treasury Secretary Scott Bessent and other Cabinet members.
The case outcome will only apply to the import taxes the president imposed under his declared emergencies. Sectoral tariffs on imports on metals, critical minerals and pharmaceuticals, put in place by Trump because of national security concerns or unfair trade practices, will remain.
“We’ve been waiting on it. Nobody’s sure what really is going to happen — are they going to decide one way or another, and then what will happen?” Rowen said.
Rowen’s company, among other things, sandblasts and laser engraves glassware, mugs and tumblers found in winery tasting rooms, on restaurant tables and in university gift shops.
“If they decide that the president’s policies are legal, then we’re stuck where we’re at. Potentially, he might become emboldened to do even more. If they decide that (he) can’t then what happens? What happens to all the money that’s already been set aside?” Rowen asked.
The Trump administration hails the tariffs as a windfall for the country. He’s promised the customs duties collected from U.S. businesses and other importers will, in part, help the country crawl out of its nearly $39 trillion debt.
Trump has also said tariffs will bring factories back to U.S. soil, provide for $2,000 dividend checks to taxpayers and even offset the cost of child care.
The import taxes pulled in $195 billion in 2025, up from $77 billion in 2024.
So far for fiscal year 2026, which began Oct. 1, the government has earned about $118 billion in tariffs, according to the U.S. Treasury monthly statement through Jan 31, though the report does not delineate between emergency and sectoral tariffs.
The nonpartisan Congressional Budget Office estimates roughly 41% of tariffs collected last year were due to those imposed under IEEPA. The office projects if tariffs are left in place, revenue will jump to $418 billion in 2026 — exceeding corporate income tax receipts for the first time since the 1930s, a high-water mark for levies on imports.
Wright, founder and president of Lost Boy Cider in Alexandria, Virginia, said the administration is “literally banking the future of the country on the tariffs.”
“They don’t have another way of getting us out of this debt situation (and) you can point all the fingers you want over the last couple of decades,” he said.
While Wright has not had to directly pay tariffs, he’s shelled out more and more money for the aluminum cans that hold his specialty cider. China is, by far, the world’s largest aluminum producer.
“We work with a lot of people that purchase internationally because they can’t get the products here. And I understand it. You know, some point in five, 10,15 years from now, maybe we have 16 aluminum plants in the country. But you don’t just snap your fingers and, like, create an aluminum plant,” Wright told States Newsroom during an interview at his cidery.
Economists argue that while tariffs have raised revenue, they hurt the economy by shrinking business growth and reducing consumers’ purchasing power.
“You can’t do partial accounting. How much additional income growth and business income growth did you not get because of the tariffs?” Wayne Winegarden, an economist with the pro-growth Pacific Research Institute, told States Newsroom.
“If you wanted to raise taxes, there are ways of doing it that would be less obstructive to the economy than imposing tariffs,” he said.
The Tax Foundation estimates the president’s tariffs will cost households roughly $1,300 in 2026.
“If you have $100 to spend on groceries every week and the price of coffee goes up by like $5, your grocery budget doesn’t magically increase to $105 to pay for the higher coffee price. Instead, you’re forced to make trade-offs. If I want to buy the coffee, then that means I have $5 less to spend,” said Erica York, vice president of federal tax policy for the think tank, which advocates for business growth.
O’Brien, owner of the Annapolis, Maryland-based Baydog company, said he boosted his inventory of woven collars manufactured in India and dog harnesses from China to get ahead of the tariff costs.
“I have been forced, as a business owner, to borrow money and tie up all that cash in product,” he said.
“If I look at other dog harness manufacturers, the prices have gone up everywhere. We have chosen not to raise prices, but to take that money out of our own pocket. So instead of everybody paying five bucks more for a dog harness, basically everyone at Baydog makes less money, myself included,” he said in an interview with States Newsroom.
Benike, who owns 15 patents for specialty baby products including silicone dining trays with attachments for toys and sippy cups, said she had to lay off her brother and forfeit her own paycheck last year.
The owner of Busy Baby told States Newsroom in an early February interview that she delayed a shipping container of her product from China’s Guangdong province, in case the Supreme Court ruled Trump’s emergency tariffs were illegal.
“I was holding off on shipping it until that decision was made, because the difference would have been $40,000 for me,” she said.
She had to pull the trigger in mid-January as the Supreme Court continued deliberating and she began running out of product.
“I have a container that should be sitting at the port. It should be clearing customs, hopefully, like as we speak, so I’ll have a tariff bill to pay,” Benike said.
The following day she emailed to say she didn’t realize Trump had lowered the fentanyl emergency tariff on China last year during negotiations.
“So my final tariff ended up being 10% less than I expected. YAY!” she wrote.
Shawn Phetteplace, national campaigns director for Main Street Alliance, said the advocacy organization is preparing to help its network of small business members if the Supreme Court strikes down the emergency tariffs.
“My understanding is that the things that can be done to get people’s money back is either some type of class action lawsuit, so that it forces customs and government to essentially refund the dollars,” Phetteplace said in an interview with States Newsroom. “But that process will take quite a bit of time. The other option is for individual businesses to sue the government and to recoup those costs.”
O’Brien said of the delay, “The Supreme Court has proven they can issue decisions very quickly when they want to. Every day that goes by, they’re making the mess bigger.”
In a response to States Newsroom, White House spokesperson Taylor Rogers said in an emailed statement, “President Trump promised to bring prosperity back to Main Street with an America First agenda that benefits every small business, just as he did in his first term.”
“In addition to slashing regulations and lowering energy costs, the Trump administration signed the largest Working Families Tax Cut in history to unleash unprecedented growth for small businesses with a permanent 20% tax deduction and full expensing of equipment investments,” according to Rogers’ statement.
VANCOUVER — GreenPower Motor Company Inc. (Nasdaq: GP) (“GreenPower” and the “Company”), a leading manufacturer and distributor of all-electric, purpose-built, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, today reported revenue of $8.5 million and net income of $4.2 million as a part of its financial results for the period ended December 31, 2025.
“Despite significant headwinds in the EV sector in general, GreenPower has made substantial strides with its transition from building EVs on spec., to a production strategy driven by building EVs to customer orders.” said Fraser Atkinson, GreenPower chairman and CEO. “This transition has required recapitalization of the Company, retooling our manufacturing, managing inventory, and obtaining sources of production funding.”
“GreenPower is very excited about the excellent progress in the deployment of all-electric, purpose-built school buses during the last quarter in New Mexico; Continuing to perform on the state sponsored, two-year, zero emissions school bus pilot project.” said Brendan Riley, President of GreenPower. “This project uses the compelling West Virginia pilot project as its model but is focussed on the specific needs of New Mexico school districts where there will be challenges on deploying in both city and rural settings, challenges with charging infrastructure and operating the school buses in extreme cold weather at high elevations.”
Third Quarter 2026 Highlights
Subsequent to the end of the quarter, GreenPower completed several transactions to recapitalize the Company. The Company closed on two term loans for a total of $5 million, closed on the new banking relationship with CIBC including a line of credit and Term Loan, paid out the existing bank line of credit, exchanged $7 million of related party loans for convertible debentures and exchanged $3 million of related party loans for Series B Convertible Preferred Shares.
For additional information on the results of operations for the period ended Dec. 31, 2025 with the financial statements and related reports posted on GreenPower’s website as well as on SEDAR Plus or on EDGAR.
About GreenPower Motor Company Inc.
GreenPower designs, builds and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, cargo van and a cab and chassis. GreenPower employs a clean-sheet design to manufacture all-electric vehicles that are purpose built to be battery powered with zero emissions while integrating global suppliers for key components. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. For further information go to www.greenpowermotor.com
Forward-Looking Statements
This document contains forward-looking statements relating to, among other things, GreenPower’s business and operations and the environment in which it operates, which are based on GreenPower’s operations, estimates, forecasts and projections. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “upon”, “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. A number of important factors including those set forth in other public filings (filed under the Company’s profile on www.sedar.com) could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. GreenPower disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
All amounts in U.S. dollars. ©2026 GreenPower Motor Company Inc. All rights reserved.
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This week, Madison again plays host to Superior Days — the annual gathering of elected officials, business leaders, students and civic activists from northwest Wisconsin advocating for the region to state lawmakers and agency officials.
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Rockwell Automation has selected New Berlin as the home of a new manufacturing plant, the company announced in an earnings call Thursday.
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A second data center development is being proposed in Beaver Dam. Local officials say would be much smaller than Meta’s data center campus currently under construction.
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The Wisconsin Natural Resources Board advanced PFAS limits that mirror federal standards, which the EPA is planning to weaken.
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LOS ANGELES — GreenPower Motor Company Inc. (NASDAQ: GP) (“GreenPower” or the “Company”) today announced accelerated production of its all-electric school bus lineup, supported by a financing facility of up to $18 million, deployable in tranches of up to $2 million. The facility is designed to optimize cash conversion cycles, enabling GreenPower to match capital deployment with production timing as the Company scales output.
“We are entering a period of meaningful operational leverage,” said Fraser Atkinson, CEO of GreenPower. “With more than $50 million in contracted orders for our Nano BEAST and BEAST school buses, this facility allows us to convert backlog into deliveries more efficiently. Before finalizing the facility, we pre-built over 100 Nano BEAST cab chassis and 30 BEAST chassis, significantly reducing production lead times. This creates a clear path toward accelerated revenue recognition, margin expansion, and improved operating cash flow.”
GreenPower remains the only fully electric OEM manufacturing both a Class 4 Type A and Class 8 Type D school bus. This vertically integrated, purpose-built platform strategy positions the Company to capture share as the school transportation sector transitions to zero-emission fleets supported by federal and state incentives.
About GreenPower Motor Company Inc.
GreenPower designs, builds and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, cargo van and a cab and chassis. GreenPower employs a clean-sheet design to manufacture all-electric vehicles that are purpose built to be battery powered with zero emissions while integrating global suppliers for key components. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. For further information go to www.greenpowermotor.com
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Software company Edulog is using an infusion of private equity funding to expand its presence in the K-12 student transportation routing market and support new developments with its Athena cloud-native platform, while also streamlining company operations.
The family-run company founded in 1977 and based in Missoula, Montana announced Tuesday it is partnering with private equity firm Serent Capital. Details of the deal were not disclosed.
“Our mission is to help school districts make the most of their resources. With Serent’s backing, we can broaden our reach to even more districts and families across the country, and continue to lead the industry in innovation,” commented Edulog founder Dr. Hien Nguyen.
Company spokeswoman Lam Nguyen-Bull explained to School Transportation News the strategic growth investment will allow Edulog to work with a wider range of clients than in recent years, which is expected to make Athena more accessible and intuitive to school districts, regardless if they contract for a part-time route or a employ team of on-staff routers.
Athena is a modular, configurable, cloud-based routing platform designed for school districts of all sizes. Edulog said it integrates with student information systems to pull and populate transportation routers and eligibility with customizable maps, select and assign stops to runs and communicate with parents via a portal.
The Athena software roadmap includes enhancements in what CEO Sam Bull referred to in a statement as Edulog’s “unrivaled optimization suite.” It already includes depot, stop, special needs, run, route and bell time optimization, he noted.
Nguyen-Bull added that it also provides more intuitive dashboards, deeper reporting and a better ability to track ROI through cost savings, route efficiency and route utilization.
“We’re also building AI-driven features to layer on top of our unique industry leading mathematical algorithmic optimization to support proactive planning and faster decision-making,” she said. “In addition, we’re expanding our modules by enhancing tools like our parent and driver portals and exploring new capabilities like field trip management, fleet maintenance and dismissal workflows that can simplify operations even further.”
Part of the deal includes adding Perry Turbes, Serent’s senior operating executive, to Edulog’s board of directors as executive chair. He will oversee Serent’s Operating Executive Director program, which pairs experienced former CEOs with portfolio companies to provide strategic guidance and hands-on support.
Meanwhile, it’s business as usual for Edulog customers but with increased support, Nguyen-Bull added.
“The teams and faces our customers know aren’t going anywhere. What is changing is the level of investment in the things that matter most: Faster enhancements, more personalized service and a clearer voice for customers in the future of our platform,” she said.
Related: Retired NC State Director Graham Aligns with Edulog
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Wisconsin Watch partners with Gigafact to produce fact briefs — bite-sized fact checks of trending claims. Read our methodology to learn how we check claims.
Wisconsin was among the bottom 10 states in job and business creation in some 2025 rankings, but higher in others.
For starting a business, National Business Capital, a financier, ranked Wisconsin 42nd, citing high taxes and low available funding. Small-business publication Simplify LLC, whose analysis included new business and job creation rates, ranked Wisconsin 43rd. Wisconsin was ranked 35th by WalletHub and 34th by U.S. News & World Report.
More generally, CNBC ranked Wisconsin 21st for business. Wisconsin scored higher in infrastructure and cost of doing business, lower in quality of life and legal and regulatory burdens. Wisconsin also ranked 21st in a poll of CEOs and business owners on best states for business.
Critics say rankings have limited value or are misleading.
From January 2018 to January 2025, Wisconsin added 63,300 jobs, ranking 40th in job creation, according to the Federal Reserve Bank of Philadelphia.
This fact brief is responsive to conversations such as this one.
Do some rankings put Wisconsin among the bottom 10 states in job creation and entrepreneurship? is a post from Wisconsin Watch, a non-profit investigative news site covering Wisconsin since 2009. Please consider making a contribution to support our journalism.
TransAct Communications has officially rebranded to Pathwise, unveiling a new name, visual identity and website that the company said signals a renewed focus on simplifying K–12 school operations.
While the brand’s visual identity has changed, the company remains under the same leadership and ownership, as does its core mission to reduce the administrative burden on school staff so educators can stay focused on student success through transportation logistics, governance, compliance, and out-of-school time programs. Pathwise will continue to serve school districts, charter organizations and state departments of education across the country with no disruption to its services or leadership.
“This rebrand reflects who we’ve become a trusted partner with deep education roots and a clear focus on helping schools run more smoothly so educators can focus on students,” said Nate Brogan, CEO of Pathwise, via a press release.
The rebrand comes on the heels of significant growth. Since partnering with Polaris Growth Fund in 2020, the company said it has quadrupled its revenue and made major investments in leadership, product innovation and customer experience. Dan Lombard, managing partner at Polaris, noted in a statement that the rebranding was a natural step toward aligning the company’s public identity with its expanded impact and long-term goals.
The name Pathwise was chosen to convey more than just progress. The company said it represents guidance, purpose and partnership and positions the company not just as a vendor but as a trusted advisor to help schools manage the unseen but essential operations that keep learning on track.
Pathwise launched a redesigned website that it said refined its messaging to better communicate the value it brings to K–12 education.
The company serves over 3,000 school districts and charter organizations, as well as more than 25 state departments of education.
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COLUMBUS, Ind. — Cummins Inc. (NYSE: CMI) today reported results for the second quarter of 2025.
“We delivered strong second quarter results, driven by record profitability in our Power Systems and Distribution segments,” said Jennifer Rumsey, Chair and CEO. “Our employees’ resilience and commitment continue to power our success in a dynamic environment. We see a contrast across our markets with robust demand for power generation equipment supported by clear secular drivers, and our more economically sensitive markets, such as truck, where end-user confidence has declined. This contrast will become even more pronounced in the second half of the year as North America truck build rates decline sharply, starting in the third quarter. Aftermarket demand for parts and service remains stable.”
Second quarter revenues of $8.6 billion decreased 2 percent from the same quarter in 2024. Sales in North America declined 6 percent, and international revenues increased 5 pecent due to higher demand in Europe and China.
Net income attributable to Cummins in the second quarter was $890 million, or $6.43 per diluted share, compared to $726 million, or $5.26 per diluted share, in 2024.
Earnings before interest, taxes, depreciation and amortization (EBITDA) in the second quarter were $1.6 billion, or 18.4 percent of sales, compared to $1.3 billion, or 15.3 percent of sales, a year ago.
2025 Outlook
Due to continued economic uncertainty, the company will not be reinstating a full-year outlook for revenue or profitability at this time.
“Our diversified portfolio, disciplined cost management and strong execution have enabled us to navigate recent industry challenges,” said Rumsey. “However, persistent economic and regulatory uncertainty continues to impact a number of our key markets and cloud our near-term outlook for both business and market performance. We remain focused on delivering for our customers and look forward to providing additional clarity as this uncertainty subsides.”
Second Quarter 2025 Highlights
Cummins announced an increase in the quarterly common stock cash dividend from $1.82 to $2.00 per share. The company has increased the quarterly dividend to shareholders for 16 consecutive years.
Cummins launched the new 17-liter engine platform generator, expanding on the success of the acclaimed Centum Series generator sets. Producing up to 1 megawatt of power, the S17 Centum genset was developed to produce a large power output within a compact footprint to meet the growing demands of power in urban environments. The new genset is designed to support a wide range of critical market segments such as commercial properties, healthcare facilities and water treatment plants.
Jennifer Rumsey was named one of Barron’s Top CEOs of 2025. Jennifer was recognized for her visionary leadership and commitment to innovation and sustainability. The annual list features 26 leaders whose deft guidance has put their companies in a stronger competitive position.
Second Quarter 2025 Detail (all comparisons to same period in 2024):
Engine Segment
Revenues decreased 8 percent in North America and 7 percent in international markets due to lower on-highway demand in the United States and Mexico.
Components Segment
Revenues in North America decreased by 15% and international sales were flat primarily due to lower on-highway demand in the United States.
Distribution Segment
Revenues in North America increased 9 percent and international sales increased by 4% primarily due to increased demand for power generation products in the United States.
Power Systems Segment
Revenues in North America increased 23% and international sales increased 16% driven primarily by increased power generation demand, particularly for the data center and mission critical markets.
Accelera Segment
Revenues decreased due to lower electrolyzer installations. The company remains committed to pacing and focusing our zero emissions investments on the most promising paths in order to ensure we are set up for long-term success as part of our Destination Zero strategy. These continued investments contributed to the EBITDA losses.
About Cummins Inc.
Cummins Inc., a global power solutions leader, is comprised of five business segments – Engine, Components, Distribution, Power Systems and Accelera by Cummins – supported by our global manufacturing and extensive service and support network, skilled workforce and vast technological expertise. Cummins is committed to its Destination Zero strategy, which is grounded in the company’s commitment to sustainability and helping its customers successfully navigate the energy transition with its broad portfolio of products. The products range from advanced diesel, natural gas, electric and hybrid powertrains and powertrain-related components including aftertreatment, turbochargers, fuel systems, valvetrain technologies, controls systems, air handling systems, automated transmissions, axles, drivelines, brakes, suspension systems, electric power generation systems, electrified power systems with innovative components and subsystems, including battery, fuel cell and electric power technologies and hydrogen production technologies. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 69,600 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $3.9 billion on sales of $34.1 billion in 2024. See how Cummins is powering a world that’s always on by accessing news releases and more information at https://www.cummins.com.
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Infrastructure investment firm I Squared Capital announced it finalized its purchase of all National Express School divisions and assets from the UK’s Mobico Group, including over 14,000 school buses operated by Durham School Services, Petermann and Stock Transportation.
The companies announced the completed deal for a reported $608 milloin to acquire Durham School Services, Petermann Bus and Stock Transportation Tuesday, ahead of the original expected date of Sept. 30, coinciding with the company’s third-quarter end. National Express is one of 69 companies in I Squared’s portfolio.
“Closing this transaction marks an important milestone and an exciting new chapter for NEXS. We are a trusted, safe and reliable transportation brand that represents a vital link to education for the communities we serve,” said National Express CEO Tim Werner in a statement. “Businesses like ours have the potential to have a positive impact on millions and provide the lifeblood for a functioning society, regardless of economic cycle.”
Wertner added National Express is looking to I Squared’s investment commitment and expertise in the transportation sector to strengthen and improve services and “further build on our reputation for safe and reliable student transportation.”
A National Express spokesperson told School Transportation News in April that the transition should be seamless for school district customers.
“We expect to continue business as usual under our current operating brands,” the spokesperson said at the time. “We will continue to deliver the high-quality, safe and reliable service that we’ve provided for more than 100 years.”
Durham School Services is the oldest company and service operated by National Express, dating back 108 years.
Mobico Group, formerly known as National Express Group and based in Birmingham, England, had been looking to sell its North American school bus division to reduce debt. In April, I Squared Capital also said it was seeking entrance into the school bus industry and announced its intent to do so in October 2023, “to address the long-term challenges which the pandemic created for school bus.”
I Squared noted that National Express has made “significant operational improvements, primarily improving driver retention and recruitment, route reinstatement, and improved contract pricing.
“The business has also improved fleet allocation which has led to better asset utilization, cash flow and customer satisfaction. All of these culminated in school bus delivering a net positive route outcome for the current school year bid season, the first in over a decade,” the company stated in a transaction summary. “However, whilst school bus has demonstrated its recovery from the pandemic’s effects, it continues to require significant maintenance and growth capital investment and has experienced persistent market challenges such as driver wage inflation and, more recently, potential fleet cost inflation from new tariffs.”
Wertner is expected to continue serving as CEO of National Express. He said the school bus contractor has focused on recovering lost routes, securing new contracts, recruiting and retaining drivers, and delivering price rises above inflation since he joined the company in 2023.
“This transfer of ownership will allow us to stand on a much stronger financial foundation for a wider spectrum of new opportunities and growth to benefit our stakeholders, valued partners and prospects, as well as reinforce our position as a transportation leader and flourish to even greater heights,” he said in a statement Friday. “With I Squared Capital’s strong reputation and support of our company, we firmly believe they will be an outstanding steward for us, and we look forward to furthering our footprint in the student transportation industry together.”
I Squared manages over $40 billion in assets that build and scale infrastructure businesses that deliver critical services to millions of people worldwide. The company’s portfolio includes over 90 companies operating in more than 70 countries and spanning sectors such as energy, utilities, digital infrastructure, transport, environmental and social infrastructure.
“School transportation is more than just a daily commute. It’s a vital link to education, which underpins a functioning society regardless of the economic cycle,” commented Gautam Bhandari, the global chief investment officer and managing partner at I Squared. “As infrastructure specialists, I Squared has specific expertise in providing vital public services, including public transport. Our investment will provide the capital needed to upgrade equipment and maintain safe, efficient transportation for children using this essential service so parents can [be] rest assured each time their family member travels.”
Mobico had operated Durham in the U.S. since the former National Express Group purchased the school bus contractor in August 1999, a year after acquiring Crabtree-Harmon that mostly operated in the Midwest. The company followed in 2000 with the purchase of School Services & Leasing, which at the time was the second-largest school bus contractor in the U.S. Two years later, it acquired Stock Transportation in Canada and in 2018 purchased Petermann in the U.S.
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$1.2 Trillion+ opportunity for Floating Offshore Wind (FOW) developers globally says UK report 1 FOW developers urged to learn lessons from European deployment Seoul, South Korea, 27 November 2024 — As the global wind industry prepares for GWEC’s Wind Energy Summit in South Korea later this week, Principle Power and Shoreline Wind demonstrate how Floating …
The post Shoreline Wind and Principle Power Collaborate to Unlock Floating Offshore Wind Opportunity Globally appeared first on Alternative Energy HQ.
A new study on behalf of Milliken has identified the top U.S. states for sustainable energy production. The rapid rise of the sustainable energy sector worldwide has been one of the most important technological and economic stories of recent years. Continued urgency to mitigate the impact of climate change has spurred governments and companies to speed the transition …
The post States With the Most Businesses Focused on Sustainable Energy appeared first on Alternative Energy HQ.
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