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
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.
For further information:
Senior Vice President,
Aecon Group Inc.