ATCO chief executive sees 'astounding' opportunities in northern defence
Calgary-based company awarded contract worth nearly $50M
The chief executive of ATCO Ltd. says there are "astounding" opportunities in the defence sector as Canada looks to bolster its military presence in the North.
Last month, Ottawa awarded a contract to a joint venture between the Calgary-based company's defence arm, ATCO Frontec, and the Inuvialuit Development Corp. for a new radar defence system in the Northwest Territories.
The two-year contract is worth $48.4 million.
It covers the design, construction, installation and operation of the Polar Over-the-Horizon Radar system.
ATCO CEO Nancy Southern says the system is "very needed in today's North" and it can detect targets at long ranges — hundreds to thousands of kilometres.
Encouraged by federal action
Southern told shareholders at her company's annual general meeting that she's encouraged Prime Minister Mark Carney is taking action on housing, defence and energy.
"As we stand at a pretty critical juncture in our country's, province's and company's future, and as we navigate through these very turbulent times, the uncertainty that we've faced in recent years is likely to persist and potentially intensify," Southern said.
"Trade tensions, supply chain, inflationary pressures, geopolitical conflict, and the accelerating pace of technological change are all converging to create a stubbornly complex and unpredictable environment."
ATCO, with some 21,000 employees and a global footprint, has subsidiaries in a diverse array of sectors, including defence, modular building construction, electricity distribution and transmission, and more.