WINNIPEG, May 9, 2012 /CNW/ - (TSX:NFI, TSX:NFI.UN) New Flyer Industries
Inc. ("New Flyer" or the "Company"), the leading manufacturer of heavy-duty transit buses in Canada and the
United States announced today that the members of the Canadian Auto
Workers ("CAW") inspection collective bargaining unit at the Company's
Winnipeg facility have ratified a new collective bargaining agreement.
This new three-year contract will commence on April 1, 2012 and will
expire on March 31, 2015.
"The new collective agreement is representative of the strong and
continued partnership between New Flyer and the CAW. I would like to
thank the CAW, their membership and the New Flyer team for a successful
outcome." said Paul Soubry, New Flyer's President and Chief Executive
Officer.
Under the terms of the new collective bargaining agreement there is no
wage increase in year one of the agreement, however, each bargaining
unit employee will receive a C$800 signing bonus. The agreement
provides annual increases of 2.0% and 2.25% in years two and three of
the agreement, respectively. The parties have agreed to a 2.5% increase
in pension benefits per year of credited service, effective in year
three of the agreement, in addition to certain other benefit
enhancements.
The Winnipeg's inspection unionized workforce represents approximately
1% 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
diesel-electric hybrid vehicles. All products are supported with an
industry leading, comprehensive parts and service network. The
Company's common shares and income deposit securities are traded on the
Toronto Stock Exchange under the symbols NFI and NFI.UN, respectively.
Further information is available on New Flyer's web site at www.newflyer.com.
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 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.
