Toronto, Ontario – January 24, 2024: Aecon Group Inc. (TSX: ARE) (“Aecon”) announced today that ONxpress Operations Inc. (“OOI”), a member of ONxpress Transportation Partners (“ONxpress”), will serve as the new operations and maintenance partner for the GO Transit system in the Greater Golden Horseshoe Area over a 23-year term commencing January 1, 2025. This is an important milestone for ONxpress as part of the ongoing collaborative development phase for the GO Expansion On-Corridor (OnCorr) Works project.
ONxpress is a consortium comprised of Aecon, FCC Construcción S.A. (FCC), Deutsche Bahn International Operations and Alstom. Each partner holds a 25% interest in ONxpress and Aecon Concessions holds a 28% interest in OOI, a partnership with Deutsche Bahn International Operations.
“We are pleased to reach this important milestone and look forward to playing a key role in providing improved and expanded train service across the GO Transit network,” said Jean-Louis Servranckx, President and Chief Executive Officer, Aecon Group Inc. “Aecon’s role in building, operating and maintaining this project demonstrates our multidisciplinary expertise in delivering complex infrastructure solutions.”
Through OOI, ONxpress will operate and maintain the trains, work with Metrolinx on train service planning and in the network operation centre, introduce new operational technology and process solutions, and provide maintenance services for new assets such as electrification and signaling.
Aecon also holds a 50% interest in the project’s civil construction partnership with FCC, which is advancing work to finalize another contract by the end of 2024 for the design and construction scope of the OnCorr project. Early construction activities are ongoing and the development phase will conclude upon finalizing this contract.
About GO Expansion
The GO Expansion program will bring faster, more frequent train service by delivering new transit infrastructure and operational plans that will reduce journey times, add capacity, and further improve on-time performance and customer satisfaction. These improvements will create a network that has the capacity to deliver service every 15 minutes or better, in both directions, all day, meaning customers won’t need to check a train schedule because they’ll know the next one will be coming along soon.
Aecon Group Inc. (TSX: ARE) is a North American construction and infrastructure development company with global experience. 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, management, and operations and maintenance 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 including, but not limited to: the risk of not being able to meet contractual schedules and other performance requirements; the risk of not being able to meet its labour needs. 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. Risk factors are discussed in greater detail in Section 13 - “Risk Factors” in the September 30, 2023 MD&A and in the 2022 Annual MD&A dated February 28, 2023 and available through SEDAR+ (www.sedarplus.com). 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.
For further information:
SVP, Corporate Development and Investor Relations
Vice President, Corporate Affairs