TORONTO, Jan. 20 /CNW/ - Aecon Group Inc. (ARE:TSX) today announced that
Scott Balfour will be stepping down as Aecon's President and as a
Director, effective January 31, to pursue other opportunities. John M.
Beck, Aecon's Chairman and CEO will assume Mr. Balfour's
"Scott is a friend, and has been a big part of Aecon's success over the
past 17 years. I wish him the very best in everything he undertakes,"
Mr. Beck said. "During Scott's time as President, Aecon's revenues
grew from $1.1 billion to over $2.5 billion, while EBITDA grew almost
tenfold. The Board of Directors and I know that he leaves behind a
very strong management team, and an organization in excellent shape."
"Aecon is a tremendous company with a very bright future," Mr. Balfour
said. "I am very proud of the many great accomplishments achieved by
the team during my time at Aecon, particularly including being selected
as one of the 50 Best Employers in Canada in each of the last 4 years."
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 as published by Maclean's Magazine.
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 Final Short Form Prospectus filed on October 1, 2010
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 forward-looking statements.
SOURCE Aecon Group Inc.
For further information:
Senior Vice President,
Aecon Group Inc.