TORONTO, June 11, 2013 /CNW/ - Aecon Group Inc. (TSX: ARE) held its
Annual General Meeting today at the Design Exchange in Toronto, and
reaffirmed its positive outlook for 2013 and its target of 9 per cent
EBITDA margin in 2015.
"We have made considerable progress in improving our margins through a
continuous and relentless focus on execution. Aecon has been built as
a proudly Canadian company, and we are confident that through our hard
work Aecon will become Canada's premier construction and infrastructure development company," said John M.
Beck, Chairman and CEO.
McKibbon Appointed as President and Chief Operating Officer
At its Board Meeting held after the Annual General Meeting, Aecon also
announced the appointment of Terrance L. McKibbon, currently Chief
Operating Officer, as President and Chief Operating Officer of Aecon
Group Inc. and the Honourable Brian V. Tobin as Lead Director and Vice
Chairman of Aecon Group Inc.
Mr. McKibbon has been with Aecon since 1996 and has effectively led its
operations team with a strategic and collaborative leadership style
that has brought together its various business units to offer turnkey
solutions to clients, utilizing the company's diverse set of
"Aecon has been in the process of transforming itself to offer an
unparalleled suite of services in its three core market sectors:
infrastructure, energy and mining, and Teri has been at the forefront
of our focus on improving margins with a disciplined approach to
bidding, project controls and risk management practices," said John M.
Beck. "Teri is an extraordinary leader who I am confident will drive
Aecon's continued strong financial performance."
Mr. McKibbon said: "Aecon will continue to execute its business strategy
focusing on people, profitability, partnerships and performance,
including continually leveraging our national scope and scale."
He cited the Company's success in building a national mining capability
and growth in its pipeline business in Western Canada. He also said
that a recently announced $250 million cogeneration project (in a 50/50
joint venture with Black & Veatch) is further evidence of Aecon's
growth and positive outlook in the energy sector.
"This project demonstrates the diverse capabilities that Aecon can
provide to our clients," added Mr. McKibbon.
The project includes engineering and construction of a cogeneration
facility located at the Syncrude Upgrader site and will also involve
pipe fabrication and module assembly work.
Election of Board of Directors
Aecon's shareholders elected Monica Sloan as a new Director to the
Board. Ms. Sloan is currently a Director of Methanex, the world's
largest supplier of methanol, and is the former Chief Executive Officer
and Managing Director of Intervera Ltd. a data quality product and
solutions firm servicing the energy and utilities industry. She has
broad business experience having served as the President at Kelman
Technologies, President and Founder of TELUS Advanced Communications,
and has held senior management positions at Digital Canada and Nova
Corporation. Ms. Sloan holds a Masters of Engineering from Stanford
University and a Masters of Business Administration from Harvard
Ms. Sloan replaces Rob Wildeboer who did not stand for re-election after
serving as a Director of Aecon for twenty years.
Aecon's shareholders also elected Chairman John M. Beck, Austin C.
Beutel, Michael A. Butt, Anthony P. Franceschini, J.D. Hole, Rolf
Kindbom, and The Honourable Brian V. Tobin to the Board of Directors at
the annual meeting.
Additionally shareholders voted in favour of an advisory resolution on
the compensation of the company's named executive officers.
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.
For further information:
Vince Borg, SVP, Corporate Affairs, Aecon Group Inc.
416-297-2615 | email@example.com | www.aecon.com