Toronto, Ontario – January 20, 2011: Aecon Group Inc. (ARE:TSX) today announced that Scott Balfour will be stepping down as Aecon’s President and as a Director, effective January 31, to pursue other opportunities. John M. Beck, Aecon’s Chairman and CEO will assume Mr. Balfour’s responsibilities.
“Scott is a friend, and has been a big part of Aecon’s success over the past 17 years. I wish him the very best in everything he undertakes,” Mr. Beck said. “During Scott’s time as President, Aecon’s revenues grew from $1.1 billion to over $2.5 billion, while EBITDA grew almost tenfold. The Board of Directors and I know that he leaves behind a very strong management team, and an organization in excellent shape.”
“Aecon is a tremendous company with a very bright future,” Mr. Balfour said. “I am very proud of the many great accomplishments achieved by the team during my time at Aecon, particularly including being selected as one of the 50 Best Employers in Canada in each of the last 4 years.”
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 Best Employers in Canada as published by Maclean’s Magazine.
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 general global events outside Aecon’s control, there are factors which could cause actual results, performance or achievements to vary from those expressed or inferred herein including risks associated with an investment in the common shares of Aecon and the risks related to Aecon's business, including Large Project Risk and Contractual Factors.
Risk factors are discussed in greater detail in the section on “Risk Factors” in the Final Short Form Prospectus filed on October 1, 2010 and available at www.sedar.com. Forward-looking statements include information concerning possible or assumed future results of operations or financial position of Aecon, as well as statements preceded by, followed by, or that include the words “believes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “should” or similar expressions. Important factors, in addition to those discussed in this document, could affect the future results of Aecon and could cause those results to differ materially from those expressed in any forward-looking statements.