New Flyer Announces Order for 100 Buses from the Chicago Transit Authority with Delivery Starting in 2012
WINNIPEG, May 14, 2012, 2012 (Menafn - Canada NewsWire via COMTEX) -- New Flyer Industries Inc. ("New Flyer" or the "Company"), the leading manufacturer of heavy-duty transit buses in Canada and the United States, today announced an order for 100 60-foot articulated buses for the Chicago Transit Authority (CTA) in support of their fleet renewal and customer enhancement strategies.
The order for 100 low-floor articulated buses (200 equivalent units) was placed using options from another US transit agency, and is worth US 80.1M. The 67 clean-diesel buses (D60LFR) and 33 hybrid diesel-electric buses (DE60LFR) are ideal for high-capacity, high-frequency routes and assist with reducing road congestion.
New Flyer will commence building the buses in 2012, with all deliveries completed by mid-year 2013. The last purchase of heavy-duty transit buses by the Chicago Transit Authority was in 2009 - and was also with New Flyer. The CTA currently operates 1,780 transit buses in their fleet, 1,258 of which are New Flyer buses.
"We are excited to grow our partnership with the Chicago Transit Authority," Paul Soubry, President and CEO of New Flyer said. "The 60LFR series are a proven heavy-duty low-floor bus design, known for its durability and dependability, with over 4,500 delivered to more than 60 transit agencies across North America. They provide a great experience for up to 115 passengers and meet CTA's exacting standards for comfort and climate control."
Each bus will be equipped with New Flyer ConnectTM, New Flyer's onboard remote vehicle management system. New Flyer ConnectTM enables the CTA to achieve the best performance and safety out of their buses by providing the right information, to the right people at the right time. Real time problem reporting of operational and vehicle health data provides transit authorities with the ability to monitor and improve fuel economy, schedule preventative maintenance and ensure that the vehicle operates safely.
The order for 60LFR series buses is backed by New Flyer's lifetime in-service support and care, providing best value in direct operating costs for the CTA. The buses will be provided with:
--A dedicated New Flyer Life Cycle Manager, who will oversee the
full range of products, services and support provided by the
New Flyer team.
--Regionally based service representatives and warehouses
providing technical expertise and spare parts support.
--Tailored classroom and e-Learning programs designed to provide
the CTA's employees with training to optimize bus operation and
maintenance.
--Simple yet comprehensive new product warranty, administered
through the New Flyer iWarranty System.
About New FlyerNew Flyer is the leading manufacturer of heavy-duty transit buses in Canada and the United States. The Company's three manufacturing facilities - in Winnipeg, MB; St. Cloud, MN; and Crookston, MN - are all ISO 9001, ISO 14001 and OHSAS 18001 certified. The Company currently operates a parts fabrication facility in Elkhart, IN and four PDCs in Winnipeg, MB; Erlanger, KY; Fresno, CA and Brampton, ON.
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. Further information is available on New Flyer's web site at www.newflyer.com.
The common shares and income deposit securities of New Flyer are traded on the Toronto Stock Exchange under the symbols NFI and NFI.UN, respectively.
Forward-Looking StatementsThis 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 market and general economic conditions and economic conditions of and funding availability for customers to purchase buses and to exercise options for buses and to purchase parts or services 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.
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SOURCE: New Flyer Industries Inc.
New Flyer Industries Inc. Glenn Asham Chief Financial Officer Tel: 204-224-1251
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