New Flyer Announces Crookston Union Ratification of New Collective Agreement
Winnipeg, Manitoba, Canada, December 17, 2010; New Flyer Industries Inc. (TSX:NFI.UN) (“New Flyer” or the “Company”), the leading manufacturer of heavy-duty transit vehicles in Canada and the United States, is pleased to announce that the members of the Communications Workers of America (“CWA”) main collective bargaining unit at the Company’s Crookston facility have today ratified a new collective bargaining agreement. This new five-year contract will commence on January 1, 2011 and will expire on December 31, 2015, and replaces the previous five-year agreement that will expire on December 31, 2010.
“This new collective agreement is representative of the strong and continued partnership between New Flyer and the CWA. I would like to thank the CWA, their membership and the New Flyer team for a negotiation that was done professionally, constructively and efficiently by both parties”, said Paul Soubry, New Flyer’s President and Chief Executive Officer.
The new agreement provides annual increases of 2.5% for each of the first three years of the contract, a 3.0% increase in year four and a 3.25% increase in year five of the contract. The collective bargaining agreement also provides changes to overtime language and certain vacation and benefit improvements.
The Crookston plant’s unionized workforce represents approximately 9 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 gasoline-electric and diesel-electric hybrid vehicles. All products are supported with an industry-leading, comprehensive parts and service network. The Company’s income deposit securities are traded on the Toronto Stock Exchange under the symbol NFI.UN. Further information is available on New Flyer’s web site at www.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 the 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, please contact:
New Flyer Industries Inc.
Chief Financial Officer
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