WINNIPEG, March 30, 2012 /CNW/ - New Flyer Industries Inc. (TSX:NFI,TSX:NFI.UN) ("New Flyer" or the "Company"), the leading manufacturer of heavy-duty transit vehicles in Canada and the United States, announced today that the Company and the Canadian Auto Workers ("CAW") main collective bargaining unit at New Flyer's Winnipeg facility have reached a tentative new three-year collective bargaining agreement. This tentative agreement has been reached prior to the expiry of the current collective bargaining agreement for the production unit employees, which expires at midnight on March 31, 2012. The members of the main bargaining unit will hold a ratification vote on the new agreement on Saturday March 31, 2012.
The current collective bargaining agreement for the Company's approximately 20 inspection unit employees will expire on March 31, 2012, however, the terms and conditions of that agreement will continue in effect while the Company and the inspection unit employees' bargaining committee discuss and negotiate a new agreement.
The Winnipeg plant's unionized workforce represents approximately 32 percent of New Flyer's total workforce in Canada and the United States.
About New Flyer
New Flyer is the leading manufacturer of heavy-duty transit buses in the United States and Canada. The Company's three facilities -- in Winnipeg, MB, St. Cloud, MN and Crookston, MN - are all ISO 9001, ISO 14001 and OHSAS 18001 certified. With a skilled workforce of over 2,000 employees, New Flyer is a technology leader, offering the broadest product line in the industry, including drive systems powered by clean diesel, LNG, CNG and electric trolley as well as energy-efficient diesel-electric hybrid vehicles. All products are supported with an industry-leading, comprehensive parts and service network. The Company's common shares and income deposit securities are traded on the Toronto Stock Exchange under the symbols NFI and NFI.UN, respectively. Further information is available on New Flyer's web site at www.newflyer.com.
This press release may contain forward-looking statements relating to expected future events and financial and operating results of New Flyer and New Flyer Industries Canada ULC ("NFI ULC") 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 whether the union membership will ratify the tentative collective bargaining agreement 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, New Flyer and NFI ULC disclaim 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.
For further information:
New Flyer Industries Inc.
Chief Financial Officer