TORONTO, June 11, 2013 /CNW/ - Aecon Group Inc. (TSX: ARE) held its Annual
General Meeting today at the Design Exchange in Toronto, and reaffirmed its
positive outlook for 2013 and its target of 9 per cent EBITDA margin in 2015.
"We have made considerable progress in improving our margins through a
continuous and relentless focus on execution. Aecon has been built as a
proudly Canadian company, and we are confident that through our hard work
Aecon will become Canada's premier construction and infrastructure development
company," said John M. Beck, Chairman and CEO.
McKibbon Appointed as President and Chief Operating Officer
At its Board Meeting held after the Annual General Meeting, Aecon also
announced the appointment of Terrance L. McKibbon, currently Chief Operating
Officer, as President and Chief Operating Officer of Aecon Group Inc. and the
Honourable Brian V. Tobin as Lead Director and Vice Chairman of Aecon Group
Mr. McKibbon has been with Aecon since 1996 and has effectively led its
operations team with a strategic and collaborative leadership style that has
brought together its various business units to offer turnkey solutions to
clients, utilizing the company's diverse set of capabilities.
"Aecon has been in the process of transforming itself to offer an unparalleled
suite of services in its three core market sectors: infrastructure, energy and
mining, and Teri has been at the forefront of our focus on improving margins
with a disciplined approach to bidding, project controls and risk management
practices," said John M. Beck. "Teri is an extraordinary leader who I am
confident will drive Aecon's continued strong financial performance."
Mr. McKibbon said: "Aecon will continue to execute its business strategy
focusing on people, profitability, partnerships and performance, including
continually leveraging our national scope and scale."
He cited the Company's success in building a national mining capability and
growth in its pipeline business in Western Canada. He also said that a
recently announced $250 million cogeneration project (in a 50/50 joint venture
with Black & Veatch) is further evidence of Aecon's growth and positive
outlook in the energy sector.
"This project demonstrates the diverse capabilities that Aecon can provide to
our clients," added Mr. McKibbon.
The project includes engineering and construction of a cogeneration facility
located at the Syncrude Upgrader site and will also involve pipe fabrication
and module assembly work.
Election of Board of Directors
Aecon's shareholders elected Monica Sloan as a new Director to the Board.
Ms. Sloan is currently a Director of Methanex, the world's largest supplier of
methanol, and is the former Chief Executive Officer and Managing Director of
Intervera Ltd. a data quality product and solutions firm servicing the energy
and utilities industry. She has broad business experience having served as the
President at Kelman Technologies, President and Founder of TELUS Advanced
Communications, and has held senior management positions at Digital Canada and
Nova Corporation. Ms. Sloan holds a Masters of Engineering from Stanford
University and a Masters of Business Administration from Harvard Business
Ms. Sloan replaces Rob Wildeboer who did not stand for re-election after
serving as a Director of Aecon for twenty years.
Aecon's shareholders also elected Chairman John M. Beck, Austin C. Beutel,
Michael A. Butt, Anthony P. Franceschini, J.D. Hole, Rolf Kindbom, and The
Honourable Brian V. Tobin to the Board of Directors at the annual meeting.
Additionally shareholders voted in favour of an advisory resolution on the
compensation of the company's named executive officers.
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.
Vince Borg, SVP, Corporate Affairs, Aecon Group Inc. 416-297-2615
SOURCE: Aecon Group Inc.
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