WINNIPEG, Dec. 1, 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 Greater Lafayette Public Transit Corporation in conjunction with Rock Island Metro, Champaign-Urbana Mass Transit District, South Bend Public Transportation and Santa Rosa Transit, awarded a contract to New Flyer of America Inc. for up to 159 urban transit buses to be purchased over the next five (5) years.
The Xcelsior® bus will include options for 35-foot, 40-foot or 60-foot models powered by ultra clean diesel, diesel-electric hybrid buses and compressed natural gas, while the MiDi® bus will include options 30-foot ultra clean diesel and CNG configurations.
Greater Lafayette Public Transportation Corporation of Lafayette, Indiana acting as the lead agency operates 24 routes serving a ridership of approximately 5.2 million passengers annually. Champaign-Urbana Mass Transit District of Champaign, Illinois operates exclusively a New Flyer bus fleet providing over 12 million rides per year. Rock Island Quad Cities MetroLINK of Illinois has 55 routes with an annual ridership of 3.5 million passengers. South Bend TRANSPO of Indiana serves 20 routes providing 2.5 million rides annually. Santa Rosa CityBus of California has 55 routes and provides 2.8 million trips per year.
"This contract reflects a developing trend of transit bus procurements where a number of agencies work cooperatively through a joint procurement to acquire buses" said Paul Soubry, New Flyer's President and Chief Executive Officer. "For the agencies, it utilizes a federally funded framework that provides an effective and a flexible vehicle to renew their bus fleet over time. For New Flyer it provides us with an opportunity to support our customers across a variety of platforms and propulsion systems. As we grow with our customers, New Flyer's mandate remains unequivocally to provide high quality products, services and support throughout the life of their bus fleet."
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 3,300 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.
New Flyer's 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.
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.
For further information: Jon Koffman, Investor Relations, Tel: 204-224-6672