TORONTO, Oct. 23 /CNW/ - Aecon Group Inc. (TSX: ARE) today announced that
its Infrastructure Division has entered into a four-year alliance contract
from Enbridge Gas Distribution Inc. ("Enbridge") that could total
approximately $180 million over the term of the agreement.
Under the alliance agreement with Enbridge, Aecon will undertake
Enbridge's gas distribution construction work in the central and eastern
portions of Enbridge's natural gas distribution franchise area in Ontario.
Work performed under the alliance agreement will include the installation of
distribution mains as well as the connection of services to customers. Work
under the alliance will begin immediately.
"Completing this alliance agreement with Enbridge Gas Distribution is an
important strategic and operational milestone for Aecon. It represents an
entirely new source of gas distribution work for us, and has the potential to
double our gas distribution revenues over the next few years," said Teri
McKibbon, CEO of Aecon's Infrastructure Group. "This award is a testament to
the strength of Aecon's ability to work with its key clients over an extended
duration. We very much look forward to working together and building a strong
strategic relationship with Enbridge Gas Distribution in the years to come."
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
internationally. Aecon is pleased to be recognized as one of the 50 Best
Employers in Canada as published by Report on Business Magazine.
Enbridge Gas Distribution Inc. has a 160-year history and is Canada's
largest natural gas distribution company. Enbridge Gas Distribution is owned
by Enbridge Inc., a Canadian-based leader in energy transportation and
distribution. Enbridge Inc. owns and operates distribution services serving
about 1.9 million customers in Ontario, New York State, New Brunswick and
southwestern Quebec. Enbridge Gas Distribution's Ontario franchise area
includes Toronto, Ottawa, Peel, Dufferin, York, Durham, the Niagara Peninsula,
Brockville, Peterborough, Barrie, and Collingwood.
The information in this news release includes certain forward-looking
statements. These statements are based upon assumptions that are subject to
significant risks and uncertainties which are discussed in greater detail in
the section entitled "Risk Factors and Uncertainties" in Management's
Discussion and Analysis of operating results and Financial Condition for the
year ended December 31, 2007 filed on SEDAR at www.sedar.com. Although Aecon
believes that the expectations reflected in forward-looking statements are
reasonable, it can give no assurance that the expectations of any
forward-looking statements will prove to be correct.
For further information:
For further information: Mitch Patten, Vice President, Corporate
Affairs, Aecon Group Inc., (416) 297-2615, email@example.com, www.aecon.com