Aecon JV awarded $177 million contract for Eglinton Crosstown Light Rail Transit project TORONTO, Nov. 12, 2013 /CNW/ - Aecon Group Inc. (TSX: ARE) announced today that a 50/50 joint venture between Aecon and ACS Dragados Canada Inc., has been awarded a tunneling contract by Metrolinx for the construction of a section of the Eglinton Crosstown Light Rail Transit (LRT) project. The $177 million project encompasses the construction of two parallel 6.5 meter diameter tunnels west along Eglinton Avenue from a launch shaft located east of Brentcliffe Road to an extraction shaft located east of Yonge Street, a distance of 3.25 kilometres. The contract also includes the construction of two emergency exit buildings. "The Eglinton Crosstown LRT is a landmark transit line that will serve millions of transit users across the City of Toronto," said Teri McKibbon, Aecon's President and Chief Operating Officer. "Aecon has extensive experience developing mass transit systems, and we are pleased to be awarded this significant LRT contract." Aecon is the lead of the joint venture and John M. Beck, Chairman and Chief Executive Officer, attended the ceremonial groundbreaking today along with Glen Murray, Minister of Transportation and Infrastructure, and Bruce McCuaig, President and CEO of Metrolinx. The project is scheduled for completion in the second quarter of 2016. Aecon is currently working on two other important transit lines in Toronto - The Toronto-York Spadina Subway Extension, and the UP Express elevated spur line connecting the Georgetown GO Transit line to the Toronto Pearson International Airport. 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. Vince Borg Senior Vice President, Corporate Affairs Aecon Group Inc. 416-297-2615 email@example.com www.aecon.com To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/November2013/12/c6349.html CO: Aecon Group Inc. ST: Ontario NI: CST ORDER -0- Nov/12/2013 16:30 GMT
Aecon JV awarded $177 million contract for Eglinton Crosstown Light Rail Transit project
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