TORONTO, April 26,
2023 /CNW/ - Aecon Group Inc. (TSX: ARE) ("Aecon" or
the "Company") announced today that it has been selected by Alberta
Transportation and Economic Corridors to deliver the Deerfoot Trail
Improvements project in Calgary,
Alberta, under two contracts with an aggregate value of
$615 million.
Aecon has been selected as the preferred proponent for the
$595 million design and construction
of improvements to Deerfoot Trail, Alberta's busiest highway, from Douglasdale
Boulevard to north of Glenmore Trail. The scope of work includes
the construction of additional lanes, seven new bridges, and
improvements to ramps and interchanges. Upon finalization of the
contract, the value of the project is expected to be added to
Aecon's Construction segment backlog in the second quarter of 2023,
with construction expected to commence during this period and
completion anticipated in the fourth quarter of 2027.
Aecon has also been awarded a $20
million contract for the construction of improvements at
Beddington Trail Northwest and 11th Street Northeast, including
adding an additional lane in the north and southbound directions,
and constructing a ramp to connect 11th Street with Deerfoot Trail
North and Beddington Trail. The value of the contract is being
added to Aecon's Construction segment backlog in the second quarter
of 2023.
"We look forward to bringing our experience delivering large
scale transportation projects to improve the safety, mobility and
capacity of this important corridor," said Jean-Louis Servranckx, President and Chief
Executive Officer, Aecon Group Inc. "This project will benefit
growing communities and we are pleased to expand our relationship
with Alberta Transportation and Economic Corridors."
Further information about the project is available on the
Alberta Transportation and Economic Corridors' website.
About Aecon
Aecon Group Inc. (TSX: ARE) is a national Canadian construction
and infrastructure development company with global experience and
is proud to be recognized as one of the Best 50 Corporate Citizens
in Canada. Aecon 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 Concessions segment. Join our online community on Twitter,
LinkedIn, Facebook and Instagram @AeconGroupInc.
Statement on Forward-Looking
Information
The information in this press release includes certain
forward-looking statements which may constitute
forward-looking information under applicable securities laws. These
forward-looking statements are based on currently available
competitive, financial and economic data and operating plans but
are subject to risks and uncertainties. Forward-looking statements
may include, without limitation, statements regarding the
operations, business, financial condition, expected financial
results, performance, prospects, ongoing objectives, strategies and
outlook for Aecon. Forward-looking statements may in some cases be
identified by words such as "may", "will," "expects," "target,"
"future," "plans," "believes," "anticipates," "estimates,"
"projects," "intends," "should" or the negative of these terms, or
similar expressions. 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 further described in Aecon's
filings with the securities regulatory authorities which are
available under Aecon's profile on SEDAR (www.sedar.com) including
the risk factors described in Section 13 - "Risk Factors" in
Aecon's December 31, 2022
Management's Discussion and Analysis filed on SEDAR (www.sedar.com)
on February 28, 2023.
These forward-looking statements are based on a variety of
factors and assumptions including, but not limited to that: none of
the risks identified above materialize, there are no unforeseen
changes to economic and market conditions, and no significant
events occur outside the ordinary course of business. These
assumptions are based on information currently available to Aecon,
including information obtained from third-party sources. While the
Company believes that such third-party sources are reliable sources
of information, the Company has not independently verified the
information. The Company has not ascertained the validity or
accuracy of the underlying economic assumptions contained in such
information from third-party sources and hereby disclaims any
responsibility or liability whatsoever in respect of any
information obtained from third-party sources.
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.