WINNIPEG, Feb. 12, 2013 /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 Daimler Buses North America, Inc. ("DBNA"), has assigned to New Flyer its contract with Seattle Metro Transit, a division of King County Department of Transportation, to build up to 381 Xcelsior™ heavy-duty 35 and 40-foot diesel-electric hybrid buses. King County Metro's initial order to New Flyer under the assigned contract consists of 60 heavy-duty 35-foot buses and 60 heavy-duty 40-foot diesel-electric hybrid buses.
The contract, which expires on June 30, 2014, includes remaining base order buses consisting of a combination of 181 35-foot and 40-foot diesel-electric hybrid buses, as well as 200 option buses consisting of a combination of 35-foot and 40-foot buses. This award assignment marks the first Xcelsior™ buses to be built for King County Metro's fleet. The Xcelsior™ is New Flyer's 'best-in-class' low-floor model that boasts improvements in fuel economy, passenger experience, accessibility, noise reduction and styling; supported by the New Flyer warranty, service and lifetime customer care.
"Delivering on commitments to King County Metro was of the upmost importance to New Flyer," said Paul Soubry, New Flyer's President and Chief Executive Officer. "We are pleased that we could respond to DBNA's transition plan with a solution that met the needs of King County, while ensuring that expectations regarding our current bus production run are met."
The assignment of this contract is a result of DBNA's decision announced on April 25, 2012 to exit production of Orion heavy-duty transit buses in the US and Canadian markets.
This order is additional to New Flyer's existing contract with King County for 43 60-foot buses currently in production with an anticipated delivery in the second quarter of 2013. This contract assignment further extends the long-standing partnership between New Flyer and King County that has developed on the basis of the reliability of the 995 New Flyer buses delivered since May 2000.
About New Flyer
New Flyer is the leading manufacturer of heavy-duty transit buses in the United States and Canada. The Company's three manufacturing facilities - in St. Cloud, MN; Crookston, MN; and Winnipeg, MB - are all ISO 9001, ISO 14001 and OHSAS 18001 certified. The Company currently operates a parts fabrication facility in Elkhart, IN and four parts distribution centers in Erlanger, KY; Fresno, CA; Winnipeg, MB and Brampton, ON. The Company also operates a service center in Arnprior, ON.
With a skilled workforce of over 2,200 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. New Flyer has delivered over 32,000 heavy-duty buses in the United States and Canada. All products are supported with an industry-leading, comprehensive parts and service network. Further information is available on New Flyer's web site at www.newflyer.com.
The common shares and convertible unsecured subordinated debentures of New Flyer 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 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.
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