Aecon Group (TSX:ARE) further solidified its position in Ontario’s construction sector through the acquisition of GCCL Contracting, an Orangeville based asphalt, paving and construction company. Aecon Group is Canada's largest publicly traded construction and infrastructure development company.
GCCL is a subsidiary of the Greenwood group of companies, as is primariy focused on hot-mix paving. Aecon said the company has generated revenues of CDN$10 million “in recent years”.
“The acquisition provides augmented opportunities through partnerships for other Aecon business units such as Aecon Construction and Materials Ltd (ACML), Aecon Utilities, and Aecon Materials Engineering (AME),” Aecon noted.
Aecon is paying approximately CDN$4.4 million for GCCL, of which CDN$2 million will be paid over 4 years.
"The acquisition of GCCL is a solid addition to Aecon Infrastructure's paving and aggregate operations. We welcome GCCL employees to Aecon and are confident we will now have an even stronger team," said Teri McKibbon, CEO, Aecon Infrastructure Group. "This acquisition strengthens our ability to service our clients in Orangeville and surrounding areas."
