WINNIPEG, May 8, 2017 /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 contract for 110
heavy-duty 60-foot articulated Xcelsior® compressed
natural gas ("CNG") buses (220 equivalent units or
"EUs").
The state-funded contract is a firm order for 110 XN60 (220 EUs)
Xcelsior CNG-powered buses valued at USD 95
million.
"We are thrilled that New Flyer continues to be awarded
opportunities to build transit buses for NYCT and MTA Bus Company
(together, "MTA") which make up 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," said Paul Smith, Executive
Vice President, Sales, Marketing and Customer Program Management.
"Since 1988, MTA has purchased over 2,200 buses from New Flyer.
This will be the first time the MTA is taking delivery of
compressed natural gas buses in a 60-foot configuration and we're
honoured they have once again chosen our MTA-proven Xcelsior
platform."
With nearly 20 years of experience developing CNG systems and
delivering over 8,500 CNG-powered transit buses, New Flyer has
gained invaluable experience that benefits our customers with the
most advanced CNG bus in the industry. Additional benefits include
a 20-year certified CNG tank and a fire-suppression system that
comes as a standard feature on all New Flyer CNG buses.
This order follows on New Flyer's announcement in January 26, 2017, announcing the opening of a
Jamestown, NY facility to
manufacture bus components. Components assembled in
Jamestown will be integrated into
these 110 XN60 Xcelsior CNG buses.
About The Company
The Company is the largest transit bus and motor coach
manufacturer and parts distributor in North America with fabrication, manufacturing,
distribution and service centers in Canada and the
United States and employs approximately 5,000 team
members.
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 44,000
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 comprehensive 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 suspend or 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.