TORONTO, June 9, 2015 /CNW/ - Aecon Group Inc. (TSX: ARE) announced today that Crosslinx Transit Solutions ("Crosslinx") has been selected by Metrolinx and Infrastructure Ontario as the preferred proponent for the development of the Eglinton Crosstown Light Rail Transit project in Toronto. Crosslinx is comprised of: Aecon, ACS Infrastructure Canada, EllisDon, and SNC-Lavalin. Each member of the Crosslinx consortium, including related construction and operations and maintenance (O&M) affiliates, is an equal partner with a 25 per cent interest in the equity, development, construction and O&M activities of the project.
Subject to financial close and execution of the project agreement, Crosslinx will be responsible for the design, build, finance, operation, maintenance and lifecycle activities of the 19 kilometre Eglinton Crosstown LRT line for a 30-year term, including 25 stations, an integrated system of track work, rolling stock, signaling and communications infrastructure.
Financial close on the project is expected by summer 2015, with construction on the project anticipated to start in the first quarter of 2016. Testing and commissioning of the line will be confirmed following financial close.
"This is a pivotal time for Canada's nation building, and in particular the unprecedented transit build-out planned over the next decade. For Aecon, this is a historic selection which confirms our strong position in the transit sector, and will contribute significantly to Aecon's continued growth," said Teri McKibbon, President and Chief Executive Officer, Aecon Group Inc. "The Eglinton Crosstown LRT project is one of the largest public-private partnerships globally and we are very pleased to be working together with our partners on the full scope of work for this world-class project."
Separately, in November 2013, and as part of a 50/50 joint venture with ACS Dragados Canada Inc., Aecon was awarded a $177 million tunneling contract by Metrolinx for the construction of a section of the Eglinton Crosstown LRT project.
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: David Smales, EVP and Chief Financial Officer, Aecon Group Inc., 416-297-2619, [email protected], www.aecon.com