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Aecon provides update on impact of COVID-19 pandemic
Aecon provides update on impact of COVID-19 pandemic Canada NewsWire TORONTO, Ma...
About this update from Aecon Group Inc.
[{"type":"text","content":"\n\n\n\nAecon provides update on impact of COVID-19 pandemic\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 30, 2020\n\n\n\n- Withdraws outlook for 2020 -\n TORONTO, March 30, 2020 /CNW/ - Aecon Group Inc. (TSX: ARE) announced today that it is withdrawing its outlook for 2020 as the Company evaluates the impact of the temporary slowing or suspension of work on several Aecon projects in multiple jurisdictions due to directives recently issued by clients and governments in light of the COVID-19 pandemic, as well as the deferral of certain project procurement processes in the Company's bidding pipeline.   \n\n \n \n \n \n \n \n\n \nAecon has activated continuity plans and a rigorous COVID-19 health and safety assurance process, which meets or exceeds guidance by applicable government health authorities, to minimize disruptions to its business and adapt to evolving market conditions and safety standards. These plans include stringent site pre-screening processes, heightened hygienic and disinfection practices, physical distancing, provision of additional personal protective equipment to front line workers, team separation and staggered work hours where possible, as well as extensive technology-enabled remote work initiatives. Additionally, Aecon has eliminated all non-essential spend, reduced discretionary capital investments, and is evaluating ongoing cost saving opportunities across the Company under different operating scenarios and timelines. Aecon does not intend to make any further purchases of its common shares pursuant to its normal course issuer bid until at least the date that its first quarter 2020 results are released. \nAecon's financial position, liquidity and capital resources remain strong, and are expected to be sufficient to finance its operations and working capital requirements for the foreseeable future. As at March 30, 2020, Aecon had $74 million of cash on hand (excluding cash in joint ventures and restricted cash), and a committed revolving credit facility of $600 million, o...