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.
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.
For further information: Jon Koffman, Investor Relations, Tel: 204-224-6672