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Aecon restructures its Buildings Division

Sep 27, 2010
Adds two executives, realigns its reporting structure, and adjusts its market focus

Toronto, ON – September 27, 2010: Aecon Group Inc. (TSX: ARE) today announced the addition of two experienced construction executives to its Greater Toronto Area (GTA) Buildings business, the realignment of its management reporting structure and the adjustment of its market focus.

Joining Aecon Buildings GTA are Wayne Jennings, Senior Vice President, Project Development, and Jeff Pigott, Senior Vice President, Construction.  Both are filling newly created positions, with Mr. Jennings taking over responsibility for business development, estimating and pre-construction services, and Mr. Pigott now responsible for construction operations. 

Wayne Jennings is a senior construction executive with more than 20 years’ experience managing operations in the construction and real estate industries, most recently as Vice President and General Manager of the Ottawa office of Montreal-based Canderel Group of Companies.  Jeff Pigott has an impressive track record in the construction industry, most recently as Vice President, Field Operations for Kenaidan Contracting Ltd., where for the last eight years he has been responsible for all projects undertaken in the civil, institutional, commercial and industrial markets.
“We are thrilled to have Wayne and Jeff on the team,” said Frank Ross, President, Aecon Buildings. “They bring tremendous experience to their new roles, and strengthen our ability to efficiently meet the needs of our clients in the Greater Toronto Area.”

Aecon also announced that it is realigning its internal management structure such that the Buildings division will now form part of Aecon’s Infrastructure Group.  This realignment will more fully capitalize on the combined strengths and potential synergies of the two organizations. Under the reorganization, Teri McKibbon, CEO of Aecon’s Infrastructure Group, will carry executive responsibility for the combined organization.  Aecon Buildings will be a separate business unit within the now broadened Aecon Infrastructure Group, with Buildings President Frank Ross and his team reporting to Mr. McKibbon.

A growing area of focus for the combined team will be projects where the skills and experience of both the Buildings and Infrastructure teams can be applied jointly, such as public transit, water treatment facilities and sports facilities as well as energy and power generation projects.

“There are an increasing number of synergies and common market opportunities for Buildings and Infrastructure, particularly on large public sector projects, where Aecon is already very well positioned, as well as on certain smaller, specialized opportunities where Aecon’s scale, sophistication and multi trade capabilities can add real value for our clients,” said Teri McKibbon, CEO of Aecon’s Infrastructure division. “This combination will give Aecon a true competitive advantage in delivering projects as a full service construction company.”

“Although the recent financial performance of the Buildings division has not yet met our standards, the team is strong and the market opportunities are real,” Mr. McKibbon added. “We firmly believe this refinement of strategy and the combined strength of our management teams will deliver strong future results.”

“This reorganization is designed to better position Aecon to capitalize on market opportunities, share best practices, capture efficiencies, and better leverage the skills and experience of the combined team,” said Scott Balfour, President, Aecon Group Inc.  “The additions and changes we are announcing today are all designed to drive superior client service and improved overall results.  They address the recent operating and financial performance challenges within the Buildings group while still maintaining the general contracting capabilities that we believe form an important component of Aecon’s overall value proposition.”

Aecon Group Inc. is Canada’s largest, publicly traded construction and infrastructure development company. Aecon and its subsidiaries provide services to private and public sector clients throughout Canada and on a selected basis internationally. Aecon is pleased to be recognized as one of the 50 Best Employers in Canada.