TORONTO, Nov. 12, 2013 /CNW/ - Aecon Group Inc. (TSX: ARE)
announced today that a 50/50 joint venture between Aecon and ACS
Dragados Canada Inc., has been awarded a tunneling contract by
Metrolinx for the construction of a section of the Eglinton
Crosstown Light Rail Transit (LRT) project.
The $177 million project
encompasses the construction of two parallel 6.5 meter diameter
tunnels west along Eglinton Avenue from a launch shaft located east
of Brentcliffe Road to an extraction shaft located east of Yonge
Street, a distance of 3.25 kilometres. The contract also includes
the construction of two emergency exit buildings.
"The Eglinton Crosstown LRT is a landmark transit line that will
serve millions of transit users across the City of Toronto," said Teri McKibbon, Aecon's President and Chief
Operating Officer. "Aecon has extensive experience developing mass
transit systems, and we are pleased to be awarded this significant
LRT contract."
Aecon is the lead of the joint venture and John M. Beck, Chairman and Chief Executive
Officer, attended the ceremonial groundbreaking today along with
Glen Murray, Minister of
Transportation and Infrastructure, and Bruce McCuaig, President and CEO of
Metrolinx.
The project is scheduled for completion in the second quarter of
2016.
Aecon is currently working on two other important transit lines
in Toronto - The Toronto-York
Spadina Subway Extension, and the UP Express elevated spur line
connecting the Georgetown GO Transit line to the Toronto Pearson
International Airport.
Aecon Group Inc. is a Canadian leader in construction and
infrastructure development providing integrated turnkey services to
private and public sector clients. Aecon is pleased to be
consistently recognized as one of the Best Employers in
Canada.
The information in this press release includes certain
forward-looking statements. These "forward-looking" statements are
based on currently available competitive, financial and economic
data and operating plans but are subject to risks and
uncertainties. 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
timing of projects, unanticipated costs and expenses, general
market and industry conditions and operational and reputational
risks, including Large Project Risk and Contractual Factors.
Readers are referred to the specific risk factors relating to and
affecting Aecon's business and operations as filed by Aecon
pursuant to applicable securities laws. Forward-looking
statements may include, without limitation, statements regarding
the operations, business, performance, prospects, strategies and
outlook for Aecon. Forward-looking statements, may in some
cases be identified by words such as "will," "plans," "believes,"
"expects," "anticipates," "estimates," "projects," "intends,"
"should" or the negative of these terms, or similar
expressions. 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.