UPDATE 1-New Flyer gets Metrolinx contract for C$114 mln

* Deal of up to C$114 million for order of up to 287 heavy duty buses

* 3-year deal with Metrolinx from 2011-2013 (Follows alerts)

June 16 (Reuters) - Canadian bus maker New Flyer Industries Inc (NFI_u.TO) signed a C$114 million three-year deal with Metrolinx to produce heavy-duty buses.

Under the deal, New Flyer will make about 287 diesel and/or diesel-electric hybrid 40-foot heavy-duty transit buses between 2011-2013, the Winnipeg, Manitoba-based company said in a statement.

Shares of the company closed at C$7.56 on Thursday on the Toronto Stock Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Jarshad Kakkrakandy)