Toronto, Ontario – April 26, 2023: Aecon Group Inc. (TSX: ARE) (“Aecon” or the “Company”) announced today that it has been selected by Alberta Transportation and Economic Corridors to deliver the Deerfoot Trail Improvements project in Calgary, Alberta, under two contracts with an aggregate value of $615 million.
Aecon has been selected as the preferred proponent for the $595 million design and construction of improvements to Deerfoot Trail, Alberta’s busiest highway, from Douglasdale Boulevard to north of Glenmore Trail. The scope of work includes the construction of additional lanes, seven new bridges, and improvements to ramps and interchanges. Upon finalization of the contract, the value of the project is expected to be added to Aecon’s Construction segment backlog in the second quarter of 2023, with construction expected to commence during this period and completion anticipated in the fourth quarter of 2027.
Aecon has also been awarded a $20 million contract for the construction of improvements at Beddington Trail Northwest and 11th Street Northeast, including adding an additional lane in the north and southbound directions, and constructing a ramp to connect 11th Street with Deerfoot Trail North and Beddington Trail. The value of the contract is being added to Aecon’s Construction segment backlog in the second quarter of 2023.
“We look forward to bringing our experience delivering large scale transportation projects to improve the safety, mobility and capacity of this important corridor,” said Jean-Louis Servranckx, President and Chief Executive Officer, Aecon Group Inc. “This project will benefit growing communities and we are pleased to expand our relationship with Alberta Transportation and Economic Corridors.”
Further information about the project is available on the Alberta Transportation and Economic Corridors’ website.
Aecon Group Inc. (TSX: ARE) is a national Canadian construction and infrastructure development company with global experience and is proud to be recognized as one of the Best 50 Corporate Citizens in Canada. Aecon delivers integrated solutions to private and public-sector clients through its Construction segment in the Civil, Urban Transportation, Nuclear, Utility and Industrial sectors, and provides project development, financing, investment and management services through its Concessions segment. Join our online community on Twitter, LinkedIn, Facebook and Instagram @AeconGroupInc.
Statement on Forward-Looking Information
The information in this press release includes certain forward-looking statements which may constitute forward-looking information under applicable securities laws. These forward-looking statements are based on currently available competitive, financial and economic data and operating plans but are subject to risks and uncertainties. Forward-looking statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, ongoing objectives, strategies and outlook for Aecon. Forward-looking statements may in some cases be identified by words such as “may”, "will," “expects,” “target,” “future,” "plans," "believes," "anticipates," "estimates," "projects," "intends," "should" or the negative of these terms, or similar expressions. 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 as further described in Aecon’s filings with the securities regulatory authorities which are available under Aecon’s profile on SEDAR (www.sedar.com) including the risk factors described in Section 13 - "Risk Factors" in Aecon's December 31, 2022 Management's Discussion and Analysis filed on SEDAR (www.sedar.com) on February 28, 2023.
These forward-looking statements are based on a variety of factors and assumptions including, but not limited to that: none of the risks identified above materialize, there are no unforeseen changes to economic and market conditions, and no significant events occur outside the ordinary course of business. These assumptions are based on information currently available to Aecon, including information obtained from third-party sources. While the Company believes that such third-party sources are reliable sources of information, the Company has not independently verified the information. The Company has not ascertained the validity or accuracy of the underlying economic assumptions contained in such information from third-party sources and hereby disclaims any responsibility or liability whatsoever in respect of any information obtained from third-party sources.
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.
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