TORONTO, March 3, 2014 /CNW/ - Aecon Group Inc. (TSX: ARE)
advised today that the GrandLinq consortium has been recommended to
the Region of Waterloo Council as the preferred proponent for the
development of the Region of Waterloo Stage 1 Light Rail Transit
(LRT) Project. GrandLinq is comprised of: Plenary Group, Meridiam,
Aecon, Kiewit and Keolis.
The recommendation, made public in a staff report to the Region
of Waterloo Council, is scheduled to be discussed at a Planning and
Works Committee meeting on March 4, 2014, and Regional Council is
anticipated to make a decision on the preferred proponent team on
March 19, 2014.
Subject to being approved as preferred proponent through this
process, and to successful negotiation of relevant contracts, the
GrandLinq consortium will be responsible for the design, build,
finance, operation and maintenance of the LRT system. The
construction portion of the project consists of a 19 kilometre dual
track system from Conestoga Mall in Waterloo to Fairview Park Mall
in Kitchener, as well as 16 LRT stations, and an operations,
maintenance and storage facility.
Upon selection and following contractual and financial close,
GrandLinq's design-build team, a partnership between Aecon and
Kiewit, will perform the construction portion of the project. Work
is anticipated to commence in the second quarter of 2014 and is
scheduled for completion in 2017. The value of Aecon's portion of
the construction contract is expected to be approximately
$250 million.
"Aecon has a particular strategic focus on developing transit
systems and we look forward to being a part of the Region's
sustainable solution for transportation," said Teri McKibbon, Aecon's President and Chief
Operating Officer.
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.