News

Canam wins contract worth more than $200M to help build Atlanta Falcons stadium

BOUCHERVILLE, Que. – A Canam Group subsidiary has been awarded a contract valued at more than C$200 million to help build a new stadium for the NFL’s Atlanta Falcons that is set to open in 2017.

The total construction cost for the 71,000-seat stadium with a retractable roof is estimated to be nearly US$1.2 billion.

Quebec-based Canam’s role includes project management and the fabrication and assembly of the steel components of the stadium and roof.

Components will be built at Canam’s (TSX:CAM) plants in Quebec, New Jersey and Georgia and at the facilities of its Canada and U.S. fabrication partners. Steel deliveries are slated to begin next June and run through the end of 2016.

Canam has worked on 73 other stadium projects in North America. It is currently working one Rogers Place in Edmonton, BMO Field Stadium in Toronto and the Arthur Ashe Stadium in New York City.

Leon Aghazarian of National Bank Financial says the new contract complements the company’s strong $909-million backlog.

He added that the company expects 2015 will be the most profitable in the last 10 years for its heavy structure unit with sales of $175 million to $200 million, compared with $45 million in 2013.

On the Toronto Stock Exchange, Canam’s shares surged more than eight per cent, gaining 78 cents at $10.10 Wednesday afternoon.