New Flyer Opens Component Manufacturing Facility in New York State
Winnipeg, Manitoba, Canada – January 26, 2017: (TSX: NFI) (TSX: NFI.DB.U) New Flyer of America Inc., a subsidiary of New Flyer Industries Inc. (“New Flyer” or the “Company”), the largest heavy-duty transit bus and motor coach manufacturer and parts distributor in North America, announced the opening of a new component manufacturing and assembly facility in Jamestown, NY, located in Chautauqua County, in western New York State.
The 40,000 square foot facility will start by manufacturing certain components for up to ten New Flyer Xcelsior® buses per week, which will then be assembled at New Flyer transit bus production facilities in St Cloud, Minnesota.
New Flyer’s expansion into the State of New York was made possible by the START-UP NY program which is an innovative program associated with New York State colleges and universities that have committed to create at least 4,490 new jobs and an investment into the state of more than $251 million over the next three-to-five years. On October 28, 2016 New York State Governor Andrew M. Cuomo announced that New Flyer and its local partner Jamestown Community College were one of 202 businesses to have joined the START-UP NY program.
“This program continues to attract companies with visionary goals to every region of our state and is playing a key role in revitalizing those communities,” Governor Cuomo said. “This unique model of partnering innovative companies with our world-class colleges and universities not only creates new jobs, but also leverages hundreds of millions of dollars in private investment to stimulate regional growth.”
“New Flyer has a long standing relationship with New York Metropolitan Transportation Authority, having more than 2,200 New Flyer transit buses delivered or on order over the past two decades”, said Paul Soubry, President and Chief Executive Officer of New Flyer. “We have been actively looking to expand our presence within the US and specifically the State of New York to enhance our state content and support the local economy. Further the New Flyer team is now working with our motor coach subsidiary MCI, to evaluate opportunities to manufacture motor coach components at the same facility”.
New Flyer has signed a five year lease on the commercial building with options to extend to 15 years. The facility is now fully operational and is estimated to create 40 new local jobs.
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 42,000 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.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.
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