TORONTO, Dec. 15,
2023 /CNW/ - Aecon Group Inc. (TSX: ARE)
announced today that it has been awarded a $290 million design-build contract by the
Ontario government for the
Eglinton Crosstown West Extension (ECWE) project's Elevated
Guideway in Toronto, Ontario. The
value of the contract will be added to Aecon's Construction segment
backlog in the fourth quarter of 2023.
The scope of work includes the design and construction of a
1.5-kilometre elevated guideway that will run along the north side
of Eglinton Avenue West, from just east of Jane Street to just west
of Scarlett Road. Construction is expected to commence in
early 2024, with anticipated completion in 2028.
The Elevated Guideway will form a critical part of the
9.2-kilometre extension of the Eglinton Crosstown LRT. The
extension will run from Mount Dennis in the east to Renforth Drive
in the west, featuring connections to UP Express and Kitchener GO
train services, as well as TTC, GO and MiWay bus services.
Aecon will subcontract certain early works to Aecon Six Nations
(A6N), a successful Indigenous-owned and operated general
partnership between Six Nations of the Grand River Development
Corporation (51%) and Aecon (49%). Aecon will also support
Metrolinx to explore partnerships with Indigenous-owned businesses
during the project.
"We are pleased to expand our role in delivering this critical
transit extension that will improve mobility for surrounding
communities and decrease travel times for commuters," said
Jean-Louis Servranckx, President and
Chief Executive Officer, Aecon Group Inc. "Building on Aecon's
experience executing some of the most complex transit projects in
Ontario's history, we look forward
to successfully executing this project while supporting our client
in working collaboratively with local and Indigenous
communities."
Join our Team
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sustainable future.
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About Aecon
Aecon Group Inc. (TSX: ARE) is a national Canadian construction
and infrastructure development company with global experience.
Aecon delivers integrated solutions to private and public-sector
clients through its Construction segment in the Civil, Urban
Transportation, Nuclear, Utility and Industrial sectors, and
provides project development, financing, investment and management
services through its Concessions segment. Join our online community
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@AeconGroupInc.
Statement on Forward-Looking
Information
The information in this press release includes certain
forward-looking statements which may constitute forward-looking
information under applicable securities laws. These forward-looking
statements are based on currently available competitive, financial
and economic data and operating plans but are subject to risks and
uncertainties. Forward-looking statements may include, without
limitation, statements regarding the operations, business,
financial condition, expected financial results, performance,
prospects, ongoing objectives, strategies and outlook for Aecon.
Forward-looking statements may in some cases be identified by words
such as "may," "will," "expects," "target," "future," "plans,"
"believes," "anticipates," "estimates," "projects," "intends,"
"should" or the negative of these terms, or similar expressions. In
addition to events beyond Aecon's control, there are factors which
could cause actual or future results, performance or achievements
to differ materially from those expressed or inferred herein
including, but not limited to: the risk of not being able to meet
contractual schedules and other performance requirements; the risk
of not being able to meet its labour needs.
These forward-looking statements are based on a variety of
factors and assumptions including, but not limited to that: none of
the risks identified above materialize, there are no unforeseen
changes to economic and market conditions, and no significant
events occur outside the ordinary course of business. These
assumptions are based on information currently available to Aecon,
including information obtained from third-party sources. While the
Company believes that such third-party sources are reliable sources
of information, the Company has not independently verified the
information. The Company has not ascertained the validity or
accuracy of the underlying economic assumptions contained in such
information from third-party sources and hereby disclaims any
responsibility or liability whatsoever in respect of any
information obtained from third-party sources.
Risk factors are discussed in greater detail in Section 13 -
"Risk Factors" in the September 30,
2023 MD&A and in the 2022 Annual MD&A dated
February 28, 2023 and available
through SEDAR+ (www.sedarplus.com). Except as required by
applicable securities laws, forward-looking statements speak only
as of the date on which they are made and Aecon undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
SOURCE Aecon Group Inc.