Aecon’s projects are well-balanced by sector, geography, size, and duration illustrating the soundness of our strategy that continued with key new contract awards in 2019. Subsequent to quarter-end, we announced the acquisition of Voltage
Power, an electrical transmission and substation contractor headquartered in Winnipeg, Manitoba for a base purchase price of $30 million. This acquisition brings key medium to high-voltage power transmission and distribution capabilities to Aecon.
Voltage Power is the third strategic, tuck-in acquisition Aecon has made over the past 18 months, extending our integrated, self-perform capabilities to our core clients and in our diverse end markets.
Additionally, subsequent to year-end, Aecon was pleased to be awarded the Pattullo Bridge Replacement project in British Columbia, further diversifying Aecon’s balanced project portfolio, while maintaining our strong backlog position.
In 2019, we adopted the Aecon Forward 2022 Strategic Plan, highlighted by four key focus areas:
- Taking care of Aecon’s people;
- Improving project efficiency and maximizing profitability;
- Balancing agility and process; and
- Investing in tomorrow’s growth.
These key focus areas are centred around the goal of creating a framework that motivates a culture of innovation, operational excellence and risk management to achieve best-in-class operating margins, prudent and balanced growth, and discipline in the
allocation of capital – all with the collective effort of our devoted employees focused on delivering superior shareholder value.
Thank you for your continued support, or as we like to say – thank you for joining us in being #AeconProud.