Written by; Chad Simco / TCCN Staff Writer
Added on: Mon May 30 2011
Canadian businesses are living up to the CIBC's expectations of being the leading source of growth in the Canadian economy, if the recent announcement from the Churchill Corporation's subsidiary company, Stuart Olson Dominion Construction Ltd's is anything to go by. The CIBC announced in March this year that the business sector in Canada would lead the way, as opposed to the Canadian government or consumers, for economic growth in Canada.
The $117 million contracts awarded to SODCL, which specializes in the fields of building construction, commercial and industrial electrical contracting, earth-moving and industrial insulation services, were announced on 25th May 2011. The company has offices in the provinces of Alberta, British Columbia, Saskatchewan, Manitoba, north-west Ontario and the Yukon.
The largest contract awarded to this firm is that of the expansion and revamping of Canada's largest aquarium in Stanley Park, Vancouver which is worth $55 million. In Alberta the firm will build a post-secondary education building in Lethbridge and a home for seniors in Calgary. The contract is for $33 million, and in Saskatchewan a $22 million contract has been won to build a big-box store, a high school and to undertake hotel renovations. The school is due to be completed by the start of the academic year 2012-2103. It is estimated that the store and hotel projects will be finished in the first quarter of 2012.
The company has also won a $7 million project from Standard Aero for a cold weather jet engine, while a new Research and Development Test Centre is being built at Winnipeg International Airport which is expected to be completed in late fall of this year.
In March, prior to this latest announcement the CEO of SODCL, Jim Houck announced that a 12 cent common share dividend would be paid to shareholders in July this year, the first time a dividend has been announced, after the company increased its revenue by 67% on the figures from the first quarter of last year. In March its revenue was $304.7 million up from $182.54 in the first quarter of 2010.
Copyright: 2011 TCCN.ca