Aecon
Company type | Public |
---|---|
TSX: ARE | |
Industry | Construction, Infrastructure Development, |
Founded | 1877 | , in Hamilton, Ontario
Headquarters | , Canada |
Key people | Jean-Louis Servranckx (president and CEO) John Beck (executive chairman) David Smales (CFO) Ernest Chan (general counsel) |
Products | Asphalt |
Number of employees | 12,000+ |
Divisions | Aecon Construction Aecon Concessions |
Website | Aecon Group |
Aecon Group Inc. is a construction company in Canada that produces construction materials including asphalt and aggregate materials,[1] and pre-construction and pre-fabrication materials developed in eight company-owned fabrication facilities across Canada.[2]
Aecon has been involved in the building of some of Canada's landmarks, including the CN Tower, St. Lawrence Seaway, Ontario Highway 407, Vancouver Skytrain, and the Montreal-Trudeau International Airport.[3]
History[edit]
Aecon's history began in 1867, when Scottish immigrant Adam Clark started a plumbing and gas fitting business in Hamilton, Ontario. Aecon's predecessor companies include The Foundation Company of Canada, Jackson Lewis, Lockerbie and Hole, Banister Pipelines, Nicholls-Radtke, Pitts Engineering Construction, and Armbro Construction.[4]
As a group, Aecon's origins go back to 1957 to Prefac Concrete of Montreal, a company started by John M. Beck and his parents.
In 2010, Aecon acquired over 500 physical pieces of mining equipment and assets previously owned by Cow Harbour Construction, a large mining and land reclamation contractor located in Alberta's oil sands.[5]
Chinese SOE takeover attempt[edit]
In October 2017, Aecon and CCCC International Holding Limited (CCCCI), the investment arm of the state-owned China Communications Construction Company, announced that they entered into a definitive agreement under which CCCCI would acquire all of the issued and outstanding common shares of Aecon for $20.37 per share in cash, representing an enterprise value of $1.51 billion.
In May 2018, the federal government of Canada blocked the sale, citing national security concerns.[6][7]
Divestment of mining business[edit]
In November 2018, Aecon announced the closing of a definitive asset purchase agreement to sell substantially all of the assets related to its Contract Mining business to North American Construction Group for $199.1 million in cash.[8]
Operations[edit]
In 2013, Aecon reorganized its operating structure into three core segments.[9]
Aecon Infrastructure is responsible for the design and construction of large transportation projects, including airport terminals, highways, hydroelectric dams, subway tunnels and utility corridors. The Infrastructure segment represented 41% of 2012 Revenue.[10]
Aecon Industrial covers a range of services to numerous projects, from new and existing mines to hydroelectric facilities, natural gas power plants, oil and gas facilities, cogeneration plants, and nuclear plants.[11]
Aecon Concessions specializes in the development of domestic and international Public-Private Partnership (P3) projects as well as other infrastructure development projects requiring private finance.[12] The Concessions segment represented 1% of 2012 Revenue.[13]
Legal issues[edit]
In 2017, Aecon Construction and Materials Ltd was found in violation of the Ontario Water Resources Act relating to a construction contract in northern Ontario in 2013.[14][15] Prior to this, Aecon was fined $225,000 (
References[edit]
- ^ "AECON - ACML Materials". Archived from the original on 2014-02-22. Retrieved 2014-02-04.
- ^ "Archived copy" (PDF). Archived from the original (PDF) on 2014-02-14. Retrieved 2014-02-04.
{{cite web}}
: CS1 maint: archived copy as title (link) - ^ "AECON - History". www.aecon.com. Archived from the original on 2019-02-13. Retrieved 2019-02-12.
- ^ "AECON - History". Archived from the original on 2014-02-13. Retrieved 2014-02-04.
- ^ "Press Room". Archived from the original on 2014-02-22. Retrieved 2014-02-04.
- ^ "Federal government blocks sale of construction giant Aecon to Chinese interests". CBC. May 23, 2018. Archived from the original on 2018-10-04. Retrieved 2019-02-12.
- ^ John Manthorpe (5 January 2019). Claws of the Panda: Beijing's Campaign of Influence and Intimidation in Canada. Cormorant Books. p. 221. ISBN 978-1-77086-539-6.
- ^ "Aecon completes sale of Contract Mining business to North American Construction Group". www.newswire.ca. Archived from the original on 2019-02-13. Retrieved 2019-02-12.
- ^ "Aecon to hold information meeting with analysts". Archived from the original on 2014-02-22. Retrieved 2014-02-04.
- ^ "AECON 2012 Online Integrated Report - Infrastructure". Archived from the original on 2014-02-22. Retrieved 2014-02-04.
- ^ "AECON - Aecon Industrial". www.aecon.com. Archived from the original on 2019-02-13. Retrieved 2019-02-12.
- ^ "AECON - Aecon Concessions". Archived from the original on 2014-02-14. Retrieved 2014-02-04.
- ^ "AECON 2012 Online Integrated Report - Aecon @ Work". Archived from the original on 2014-02-14. Retrieved 2014-02-04.
- ^ "Toronto business fined $120,000 for Ontario Water Resources Act violations in Rideau Lakes Township". Inside Ottawa Valley. February 13, 2017. Archived from the original on February 17, 2020. Retrieved July 5, 2017.
- ^ Lombardi, Paula (20 March 2017). "$120,000 Fine for Ontario Water Resources Act Violations". Siskinds Law Firm. Archived from the original on 2017-06-13. Retrieved 2017-07-05.
- ^ "Aecon Construction Group Inc. Fined $225,000 After Explosion". news.ontario.ca. Archived from the original on 2017-12-01. Retrieved 2017-07-05.
- ^ "Aecon fined in relation to jobsite explosion in 2003". Aecon (Press release). Archived from the original on 2017-06-27. Retrieved 2017-07-05.
- ^ "Hiding injuries rewards companies". The Star. 29 June 2008. Archived from the original on 2019-02-13. Retrieved 2017-07-05.