I want to update you concerning recent exciting news about First Transit. On Friday, February 9, 2007, our parent company, First Group plc., announced the acquisition of Laidlaw. The acquisition is subject to various conditions which include shareholder and regulatory approval. As you may understand, during the approval period, our management is restrained from answering certain questions about the transaction, and until we close, First Transit will be operating business as usual.
We are very excited about the transaction, as we believe an integration of both companies will be good for customers, our employees and our business. We will all benefit from the combined synergies created by this acquisition. Efficiencies and consolidation of cost centers will allow us to continue to deliver safe, reliable service at a value to our customers and to taxpayers.
Together, the combined First Transit and Laidlaw Transit will share our best practices and we will continue to invest in state-of-the-art safety technology and training, fuel reduction programs where applicable, and better more efficient fleet management solutions. There are 7,225 dedicated First Transit employees. Upon completion of the Laidlaw acquisition we will have nearly 14,000 employees to serve our customers. We are deeply committed to maintaining our focus of providing a safe customer focused company.
Thank you for your interest in First Transit. Please visit our website in the coming weeks and months to learn more about the acquisition of Laidlaw and the exciting things that it will bring.
Sincerely,
Mike Murray, President
