WINNIPEG, Feb. 16, 2016 /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 and motor coaches in the United States and Canada, announced that the Massachusetts Bay
Transport Authority ("MBTA") awarded New Flyer a contract for up to
90 (180 equivalent units or "EUs") heavy-duty 60-foot
Xcelsior® diesel electric hybrid buses.
The contract includes a firm order for 44 XDE60 Xcelsior buses
(88 EUs) and is valued at approximately $50
million with options for up to an additional 46 XDE60 (92
EUs) valued at approximately $71
million.
MBTA provided New Flyer with purchase documentation in the
fourth fiscal quarter of 2015 and as a result this award was
included in the New Flyer Orders and Backlog press release issued
on January 13, 2016, but had not yet
been press released pending its approval.
Currently the MBTA operates over 1,000 buses, 709 of which were
built by New Flyer or its subsidiary NABI.
MBTA provides service to over 4.8 million people in 176 cities
and towns across a 3,249 square mile radius, making it the
5th largest mass transit system in the United States. To ensure quality service
for its 1.27 million annual passenger trips, MBTA maintains 174 bus
routes, three rapid transit lines and four trackless trolley
lines.
NOTE: All dollar amounts are stated in U.S. currency.
About New Flyer
The Company employs approximately 5,000 team members and is the
largest transit bus, motor coach manufacturer and parts distributor
in North America. With
fabrication, manufacturing, distribution and service centers in
Canada and the United States.
Through its Canadian and U.S. subsidiaries, New Flyer Industries
Canada ULC and New Flyer of America Inc., the Company is
North America's heavy-duty transit
bus leader and offers the broadest transit bus product line
(Xcelsior® and MiDi® models), incorporating the broadest range of
drive systems available, including: clean diesel, natural gas,
diesel-electric hybrid, electric-trolley and now battery-electric.
New Flyer actively supports over 42,000 heavy-duty transit buses
(New Flyer, NABI and Orion) currently in service.
Through its Canadian and U.S. subsidiaries, Motor Coach
Industries Limited and Motor Coach Industries, Inc., the Company is
North America's leader in motor
coaches, offering the MCI J4500,which is the industry's
best-selling intercity coach for 11 consecutive years, and the MCI
D-Series, the industry`s best-selling coach line in North American
motor coach history. MCI is also the exclusive distributor of Setra
S417 and S407 in the United States
and Canada. MCI actively supports
over 28,000 motor coaches currently in service and offers 24-hour
roadside assistance 365 days a year.
The Company also operates North
America's most sophisticated aftermarket parts organization
providing support for all types of transit buses and motor coaches.
All buses and coaches are supported by an industry-leading
comprehensive warranty, service and support network.
Further information is available on the Company's websites at
www.newflyer.com and www.mcicoach.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.