New Flyer Announces Ratification of New 5-Year Collective Agreement for St. Cloud Facility
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March 29, 2008
Winnipeg, Manitoba, Canada; March 29, 2008
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, was extremely pleased to announce today that the members of the Communications Workers of America bargaining unit at the Company’s St. Cloud, Minnesota facility ratified a new five year collective bargaining agreement. This 5-year agreement replaces the previous agreement which expires on March 31, 2008.
This new collective bargaining agreement provides changes which will facilitate a more efficient and effective working relationship between the Company and its employees which Management anticipates will enhance productivity levels at the St. Cloud facility. The new agreement provides an average annual increase of 3.3% over the term of the five year agreement. The agreement has laid the foundation for future growth in production and employment levels at the St. Cloud facility and has better positioned the Company to respond to the growth in the sales of transit buses.
The St. Cloud bargaining unit represents 467 employees, representing approximately 30% of New Flyer’s total unionized workforce in the U.S and Canada.
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 approximately 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 gasoline-electric and diesel-electric hybrid vehicles. All products are supported with an industry-leading, comprehensive parts and service network. New Flyer’s Income Deposit Securities are traded on the Toronto Stock Exchange under the symbol NFI.UN.
Forward-Looking Statements
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 market and general economic conditions 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.
For further information, please contact:
New Flyer Industries Inc.
Glenn Asham
Chief Financial Officer
Telephone: (204) 224-1251
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