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A joint venture between AECOM Technology Corporation’s (ACM - Analyst Report) Australian business and Aurecon Design has won a multi-million dollar contract for Australia’s Moreton Bay Rail project. The financial terms of the deal were not disclosed.

The scope of the contract entails the joint venture to provide components of the critical design services for the rail project valued approximately $1.07 billion. The joint venture will be undertaking design services for the project’s civil and structural construction, including designing the stations, access roads and car parks along with the rail component designs.

The new railway line, once completed, is expected to provide a safe alternative for commuters using highway from Moreton Bay to Brisbane. The new line will consist of a 7.8 mile long dual-track passenger line that will be connecting the major stations between Petrie and Kippa-Ring.

The commuters will also be able to board the trains from the six new stations located at Kallangur, Murrumba Downs, Mango Hill, Mango Hill East, Rothwell and Kippa-Ring. These state-of-the-art new stations are designed to include parking for commuters, bus connectivity, kiss and ride along with some other facilities that will enhance the transportation network in the region. This new railway line is expected to be operational in 2016 and major construction is expected to start from the beginning of 2014.

Based in Los Angeles, AECOM is a global provider of professional technical and management support services to a broad range of markets, including transportation, facilities, environmental and energy.

AECOM currently carries a Zacks Rank #4 (Sell). Other better-ranked stocks worth considering at the moment include VSE Corp. (VSEC - Snapshot Report), which carries a Zacks Rank #1 (Strong Buy), and Jiangsu Expressway Co. Ltd. and Rexnord Corp. (RXN - Analyst Report), both carrying a Zacks Rank #2 (Buy).

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