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Aecon Group Inc
Symbol ARE
Shares Issued 61,011,826
Close 2022-11-29 C$ 9.81
Market Cap C$ 598,526,013
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Aecon Group consortium to develop Scarborough subway

2022-11-30 12:32 ET - News Release

Mr. Adam Borgatti reports

AECON CONSORTIUM SELECTED FOR THE SCARBOROUGH SUBWAY EXTENSION STATIONS, RAIL AND SYSTEMS PROJECT IN ONTARIO

Scarborough Transit Connect (STC), a 50/50 consortium between Aecon Group Inc. and FCC Canada Ltd. in which Aecon is the lead partner, has been selected by Metrolinx and Infrastructure Ontario as the development partner for the Scarborough subway extension stations, rail and systems (SRS) project in Ontario. The SRS package for the Scarborough subway extension is being delivered using a progressive design-build (PDB) model.

STC has executed a development phase agreement with IO and Metrolinx to collaboratively finalize the scope, cost and schedule of various elements of the project over an 18-month period, with certain early works activities commencing during this phase. Upon successful completion of the development phase, an implementation phase will commence under a target price contract.

The project will extend the TTC's Line 2 subway service nearly eight kilometres farther from the existing Kennedy Station northeast to McCowan Road and Sheppard Avenue, including three new stations with connections to Line 5 (the Eglinton Crosstown LRT), GO train and bus services, TTC bus service, and Durham Region Transit. The extension will replace the existing Line 3, improving the customer experience by offering quick and seamless access to downtown and helping reduce travel times.

"Aecon is playing a leading role in delivering some of the most transformative transit projects of this generation and we are pleased to bring our proven Urban Transportation Solutions expertise to this world-class project that will connect communities in Scarborough and across Toronto," said Jean-Louis Servranckx, president and chief executive officer of Aecon Group. "We are pleased to be working with our client and partner through the progressive design-build framework, which is designed to benefit all stakeholders and will allow for a collaborative approach to finalize scope, cost and schedule for this complex and large-scale project."

About Aecon Group Inc.

As a Canadian leader in construction and infrastructure development with global expertise, Aecon Group strives to be the No. 1 Canadian infrastructure company and is proud to be recognized as one of the best employers and best 50 corporate citizens in Canada. Aecon safely, profitably and sustainably 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.

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