WINNIPEG, Jan. 21, 2015 /CNW/ - (TSX: NFI) (TSX:
NFI.DB.U) New Flyer Industries Inc. ("New Flyer" or the "Company"),
the leading manufacturer of heavy-duty transit buses in
the United States and Canada, announced today that New York City
Transit Authority ("NYCT") awarded New Flyer a federally funded
contract for 120 heavy-duty 40 and 60-foot Xcelsior® buses (195
equivalent units or "EUs"). This order was included in New
Flyer's fourth quarter backlog in the January 13, 2015 press release.
The contract is valued at $80
million and includes a firm order for 45 XD40 (45 EUs) and
75 XD60 (150 EUs) Xcelsior clean diesel powered buses. This
award follows on from the most recent award in January 2014 for 276 buses, which are currently
in production.
NYCT and MTA Bus Company (together, "MTA") comprise the largest
transit agency in North America
with over 5,700 transit buses in their fleet and an annual
ridership of nearly 2.7 billion. New Flyer began building buses for
MTA more than two decades ago and to date have built nearly 1,500
buses, of which 977 are actively in service for MTA today.
"We are very proud to have been awarded yet another opportunity
to build buses for the MTA," said Paul
Soubry, New Flyer's President and Chief Executive Officer.
"With more than 17% of their fleet now comprised of New Flyer, we
look forward to building on our successful partnership. With
the support of both NYCT and MTA Bus Company, New Flyer has
enhanced our New York state supply
base and increased our New York
state content."
About New Flyer
New Flyer is the leading manufacturer of heavy-duty transit
buses in the United States and
Canada. The Company is the
industry technology leader and offers the broadest product line of
transit buses including drive systems powered by: clean diesel,
natural gas, diesel-electric hybrid, electric trolley and now,
battery-electric. All buses are supported by an industry-leading
comprehensive warranty and support program, and service network.
New Flyer also operates the industry's most sophisticated
aftermarket parts organization, sourcing parts from hundreds of
different suppliers and providing support for all types of transit
buses.
The New Flyer group of companies employ over 3,000 team members
with manufacturing, fabrication, parts distribution and service
centers in both Canada and
the United States. Over 32,000 New
Flyer and NABI heavy-duty transit buses are in operation today.
Further information is available on New Flyer's website at
http://www.newflyer.com
The common shares and convertible unsecured subordinated
debentures of the Company are traded on the Toronto Stock Exchange
under the symbols NFI and NFI.DB.U, respectively.
Forward-Looking Statements
This press release may contain forward-looking statements
relating to expected future events and financial and operating
results of the Company that involve risks and uncertainties.
Although the forward-looking statements contained in this press
release are based upon what management believes to be reasonable
assumptions, investors cannot be assured that actual results will
be consistent with these forward-looking statements, and the
differences may be material. Actual results may differ materially
from management expectations as projected in such forward-looking
statements for a variety of reasons, including market and general
economic conditions and economic conditions of and funding
availability for customers to purchase buses and to purchase parts
or services, customers may not exercise options to purchase
additional buses, the ability of customers to terminate contracts
for convenience and the other risks and uncertainties discussed in
the materials filed with the Canadian securities regulatory
authorities and available on SEDAR at www.sedar.com. Due to the
potential impact of these factors, the Company disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, unless required by applicable law.
SOURCE New Flyer Industries Inc.