Aecon partnership recommended for Waterloo Region Light Rail Transit Project
TORONTO, March 3, 2014 /CNW/ - Aecon Group Inc. (TSX: ARE) advised today that
the GrandLinq consortium has been recommended to the Region of Waterloo
Council as the preferred proponent for the development of the Region of
Waterloo Stage 1 Light Rail Transit (LRT) Project. GrandLinq is comprised of:
Plenary Group, Meridiam, Aecon, Kiewit and Keolis.
The recommendation, made public in a staff report to the Region of Waterloo
Council, is scheduled to be discussed at a Planning and Works Committee
meeting on March 4,( )2014, and Regional Council is anticipated to make a
decision on the preferred proponent team on March 19, 2014.
Subject to being approved as preferred proponent through this process, and to
successful negotiation of relevant contracts, the GrandLinq consortium will be
responsible for the design, build, finance, operation and maintenance of the
LRT system. The construction portion of the project consists of a 19 kilometre
dual track system from Conestoga Mall in Waterloo to Fairview Park Mall in
Kitchener, as well as 16 LRT stations, and an operations, maintenance and
Upon selection and following contractual and financial close, GrandLinq's
design-build team, a partnership between Aecon and Kiewit, will perform the
construction portion of the project. Work is anticipated to commence in the
second quarter of 2014 and is scheduled for completion in 2017. The value of
Aecon's portion of the construction contract is expected to be approximately
"Aecon has a particular strategic focus on developing transit systems and we
look forward to being a part of the Region's sustainable solution for
transportation," said Teri McKibbon, Aecon's President and Chief Operating
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 firstname.lastname@example.org www.aecon.com
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-0- Mar/03/2014 12:00 GMT
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