Aecon partnership recommended for Waterloo Region Light Rail Transit Project
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.
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