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Delayed Quote. Delayed Toronto Stock Exchange - 12/03 05:00:00 pm
16.12 CAD   -1.35%
11/01Aecon Group Downgraded to Outperform at Raymond James
10/29TSX slips but posts biggest monthly gain since last November
10/29TSX slips but posts biggest monthly gain since last November
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Aecon : pilots Volvo Electric Excavator in support of GHG emissions reduction targets

10/14/2021 | 07:31am EST

-- First construction company in Canada to use the zero-emission excavator on site --

TORONTO, Oct. 14, 2021 /CNW/ - As part of its ongoing commitment to sustainability, Aecon Group Inc. ("Aecon") recently completed a pilot of the innovative ECR25 Electric compact excavator from Volvo Construction Equipment, on a project in Toronto, Ontario. Aecon is the first construction company in Canada to use this model of electric, zero-emission construction equipment on an active project site.

"As we work toward our commitment to achieve a 30 per cent reduction in direct CO2 emissions by 2030, we are actively engaging with the most innovative and technologically advanced manufacturers in the market," said Jean-Louis Servranckx, President and Chief Executive Officer, Aecon. "Piloting the ECR25 Electric compact excavator with Volvo CE is a great example of how we continue to consistently set industry benchmarks in sustainable construction and harness innovation to support the transition to a net-zero economy. Our teams have been impressed with the ECR25's power, significant reduction in noise compared to diesel-powered equipment and elimination of emissions."

During the pilot, Aecon Utilities used the electric excavator to trench and install new telecommunications conduit, bringing fibre optic connectivity to a residential building in Toronto's Regent Park community.

"Construction equipment is one of the most substantial contributors to greenhouse gas emissions associated with construction projects, and over time we plan to convert a significant proportion of our fleet to zero-emission equipment like the ECR25," said Yonni Fushman, EVP, Chief Legal Officer and Chief Sustainability Officer, Aecon. "Aecon is pleased to take this important first step, in collaboration with Volvo CE, toward realizing that goal."

The new ECR25 Electric compact excavator and L25 Electric compact wheel loader offer the same performance as their diesel counterparts, making them a great fit for utility work and other traditional construction projects. The ECR25 was also trialed in California earlier this year as part of a Volvo CE pilot project.

"It's exciting to see the momentum growing for electric construction equipment in North America," said Stephen Roy, President of Region North America, Volvo CE. "We are seeing an increasing demand for sustainable solutions as the industry recognizes the importance of acting to reduce climate change. Working together with our customers and dealers we can reduce harmful emissions that are entering the atmosphere."

"We are proud to offer sustainable solutions to our customers," said Paul George, Regional Vice President, Construction Equipment Ontario from Strongco, one of Aecon's equipment suppliers. "Aecon is an industry leader in sustainability and this pilot demonstrates the company's continued progress toward achieving its emissions reduction goals."

To learn more about Aecon's sustainability program, visit aecon.com/sustainability.  

About Aecon

As a Canadian leader in construction and infrastructure development with global expertise, Aecon Group Inc. (TSX: ARE) strives to be the number one Canadian infrastructure company and is proud to be recognized as one of the Best Employers 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. Join our online community on Twitter, LinkedIn, Facebook and Instagram @AeconGroup.

About Volvo Construction Equipment

Volvo Construction Equipment (Volvo CE) is a leading international manufacturer of premium construction equipment, and with over 14,000 employees, it is one of the largest companies in the industry. Volvo CE offers a wide range of products and services in more than 140 countries through its global distribution network. Volvo CE is part of the Volvo Group. The Volvo Group drives prosperity through transport solutions, offering trucks, buses, construction equipment, power solutions for marine and industrial applications, financing and services that increase our customers' uptime and productivity. Founded in 1927, the Volvo Group is committed to shaping the future landscape of sustainable transport and infrastructure solutions. The Volvo Group is headquartered in Gothenburg, Sweden, employs 105,000 people and serves customers in more than 190 markets. Volvo shares are listed on Nasdaq Stockholm.

SOURCE Aecon Group Inc.

© Canada Newswire, source Canada Newswire English

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Analyst Recommendations on AECON GROUP INC.
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Sales 2021 4 024 M 3 134 M 3 134 M
Net income 2021 59,8 M 46,6 M 46,6 M
Net Debt 2021 496 M 386 M 386 M
P/E ratio 2021 15,9x
Yield 2021 4,32%
Capitalization 972 M 759 M 757 M
EV / Sales 2021 0,36x
EV / Sales 2022 0,35x
Nbr of Employees 5 260
Free-Float 98,4%
Duration : Period :
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Technical analysis trends AECON GROUP INC.
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Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 16,12 CAD
Average target price 22,77 CAD
Spread / Average Target 41,2%
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Managers and Directors
Jean Louis Servranckx President, Chief Executive Officer & Director
David Smales Chief Financial Officer & Executive Vice President
John M. Beck Non-Executive Chairman
Anthony P. Franceschini Lead Independent Director
James Douglas Hole Independent Director
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