TORONTO, Nov. 30,
2022 /CNW/ - Aecon Group Inc. (TSX: ARE) announced
today that Scarborough Transit Connect (STC), a 50/50 consortium
between Aecon and FCC Canada Limited (FCC) in which Aecon is the
lead partner, has been selected by Metrolinx and
Infrastructure Ontario as the development partner for the
Scarborough Subway Extension Stations, Rail and Systems (SRS)
project in Ontario. The SRS
package for the Scarborough Subway Extension is being delivered
using a Progressive Design-Build (PDB) model.
STC has executed a development phase agreement with IO and
Metrolinx to collaboratively finalize the scope, cost and schedule
of various elements of the project over an 18-month period, with
certain early works activities commencing during this phase. Upon
successful completion of the development phase, an implementation
phase will commence under a target price contract.
The project will extend the TTC's Line 2 subway service nearly
eight kilometres farther from the existing Kennedy Station northeast to McCowan Road and
Sheppard Avenue, including three new stations with connections to
Line 5 (the Eglinton Crosstown LRT), GO train and bus services, TTC
bus service and Durham Region Transit. The extension will
replace the existing Line 3, improving the customer experience by
offering quick and seamless access to downtown and helping reduce
travel times.
"Aecon is playing a leading role in delivering some of the most
transformative transit projects of this generation and we are
pleased to bring our proven Urban Transportation Solutions
expertise to this world-class project that will connect communities
in Scarborough and across
Toronto," said Jean-Louis Servranckx, President and Chief
Executive Officer, Aecon Group Inc. "We are pleased to be working
with our client and partner through the progressive design-build
framework, which is designed to benefit all stakeholders and will
allow for a collaborative approach to finalize scope, cost, and
schedule for this complex and large-scale project."
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About Aecon
As a Canadian leader in construction and infrastructure
development with global expertise, Aecon Group Inc. (TSX: ARE)
strives to be the number one Canadian infrastructure company and is
proud to be recognized as one of the Best Employers and Best 50
Corporate Citizens in Canada.
Aecon safely, profitably and sustainably delivers integrated
solutions to private and public-sector clients through its
Construction segment in the Civil, Urban Transportation, Nuclear,
Utility and Industrial sectors, and provides project development,
financing, investment and management services through its
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Statement on Forward-Looking
Information
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, as discussed in greater detail in Section 13 –
"Risk Factors" in the Management's Discussion and Analysis filed on
March 1, 2022, in respect of the
period ended September 30, 2022, and
filed on October 26, 2022. 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, except as required by applicable
law.
SOURCE Aecon Group Inc.