ST. CLOUD, MN, Dec. 8, 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 Metropolitan Council of Minneapolis, St. Paul, Minnesota, exercised
options for 30 heavy-duty 60-foot Xcelsior® XD60 clean
diesel buses (or 60 equivalent units or "EUs").
Metropolitan Council is the regional policy-making body,
planning agency, and provider of essential services for
the Twin Cities metropolitan area,
with a mission to foster efficient and economic growth for a
prosperous region.
The buses will be operated by Metro Transit ("Metro") which
provides an integrated network of buses, light rail and commuter
trains as well as resources for those who carpool, vanpool, walk or
bike in the Twin Cities. Metro is
one of the country's largest transit systems, providing roughly 90
percent of the 78 million bus trips taken annually in
the Twin Cities. Metro Transit has
a service area spanning 123 bus routes, with an additional six bus
routes operated under contract with Maple Grove Transit. The
additional 30 XD60 buses will be used to support the A-Line
expansion of bus rapid transit set to open in 2016.
The contract, originally signed in March of 2014 was a firm
order for 83 XD60 60 foot articulated buses (166 EUs), with options
for up to 88 additional XD60 buses (176 EUs).
"We appreciate our long term relationship with Metro and are
excited to be contracted to build additional Xcelsior XD60 buses
for them," said Paul Soubry,
President and Chief Executive Officer of New Flyer. "Metro is a
first class transit organization and we are very proud to be able
to build buses in the same community where they will be operated.
We are excited to see the growth in Metro`s Bus Rapid Transit
service and appreciate the confidence expressed in New Flyer. Built
for Minnesotans by Minnesotans."
NOTE: All dollar amounts are stated in U.S. currency.
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
buses.
The New Flyer group of companies employ over 3,300 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.
On November 10, 2015 New Flyer
announced that it has entered into a definitive agreement to
acquire North America's leading
motor coach manufacturer and parts and service supplier Motor Coach
Industries International, Inc. ("MCI"). The completion of the
transaction is subject to customary closing conditions including
U.S. antitrust and Canadian Competition Act approvals and is
expected to close by the end of 2015.
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, risks related to the satisfaction of the relevant
closing conditions for and the completion of the purchase of MCI,
the completion of the new credit facilities being entered into in
connection with the purchase of MCI and the timing thereof, the
availability of funds from the new credit facilities for the
funding of the purchase price for and related expenses related to
the purchase of MCI 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.