WINNIPEG, Oct. 22,
2015 /CNW/ - (TSX: NFI) (TSX: NFI.DB.U) New Flyer of
America Inc., a subsidiary of 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
the Massachusetts Bay Transport Authority ("MBTA") awarded New
Flyer a contract for up to 725 40-foot Xcelsior heavy-duty transit
buses. This contract comprises 725 of the 1,169 equivalent
units pending award at the end of the third fiscal quarter of
2015.
The award was approved by the Massachusetts
Department of Transportation board of directors in Boston and includes a firm order for 175
compressed natural gas buses (XN40) and 150 diesel-electric hybrid
buses (XDE40), plus options for an additional 200 clean diesel
buses (XD40) and 200 diesel-electric hybrid buses (XDE40) over the
next five years.
The firm portion of the contract is valued at
approximately $223 million with the
options valued at approximately $254
million. MBTA currently operates a fleet of 1008
heavy-duty transit buses, 412 of which have been built by New Flyer
and 299 of which have been built by NABI, making 70% of the MBTA
fleet supported by New Flyer.
In terms of daily ridership, the MBTA remains the
fifth largest mass transit system in the
United States serving a population of over 4.8 million
people in 176 cities and towns, with an area of 3,249 square miles.
To carry out its mission it maintains 183 bus routes, two of which
are bus rapid transit lines, three rapid transit lines, five light
rail routes, four trackless trolley lines, and 13 commuter rail
routes. The average weekday ridership for the entire system is
approximately 1.27 million passenger trips.
"This award builds on the successful partnership
that we have developed with MBTA" said Paul
Soubry, President and Chief Executive Officer of New
Flyer. "We are proud to have our best-in-class Xcelsior bus
selected yet again by MBTA to operate in their challenging and
diverse operating environment. These new Xcelsior buses will be
used to replace portions of the MBTA fleet that have reached the
end of their useful life."
NOTE: All funds are in U.S dollars.
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.