TORONTO, May 31, 2011 /CNW/ - Aecon Group Inc. (TSX: ARE) today
announced that a joint venture in which its Infrastructure Division is
participating has been awarded a project with Metro Vancouver for the
construction of a Water Supply Tunnel under the Fraser River in Greater
Vancouver, British Columbia.
Under the contract, the Joint Venture, in which Aecon is a 40% partner,
will sink two shafts and excavate 1,000m of EPB (earth pressure
balanced) tunnel with precast segmental lining under the Fraser River
from Surrey to Coquitlam, British Columbia. Work on the project which
also includes the set up of two shaft sites, installation of welded
steel pipe lining and construction of two valve chambers will begin
immediately. Completion is expected in the summer of 2014.
Aecon's partner in the Joint Venture is McNally International Inc. of
The contract forms part of Greater Vancouver's water transmission system
risk management program. The new tunnel and water pipe will replace an
existing, older pipeline under the Fraser River.
"This is the third large heavy civil infrastructure award that Aecon has
been part of in British Columbia in the past two years," said Teri
McKibbon, Aecon's Chief Operating Officer. "It reinforces Aecon's
position as a leader in B.C.'s civil construction sector."
Aecon Group Inc. is Canada's largest, publicly traded construction and
infrastructure development company. Aecon and its subsidiaries provide
services to private and public sector clients throughout Canada and on
a selected basis internationally. Aecon is pleased to be 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 general
global events outside Aecon's control, there are factors which could
cause actual results, performance or achievements to vary from those
expressed or inferred herein including risks associated with an
investment in the common shares of Aecon and the risks related to
Aecon's business, including Large Project Risk and Contractual Factors.
Risk factors are discussed in greater detail in the section on "Risk
Factors" in the Annual Information Form filed on March 30, 2011 and
available at www.sedar.com. Forward-looking statements include
information concerning possible or assumed future results of operations
or financial position of Aecon, as well as statements preceded by,
followed by, or that include the words "believes," "expects,"
"anticipates," "estimates," "projects," "intends," "should" or similar
expressions. Important factors, in addition to those discussed in this
document, could affect the future results of Aecon and could cause
those results to differ materially from those expressed in any
SOURCE Aecon Group Inc.
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