Toronto Pearson Announces Industry Forum, Preparing for a New Era of Investment in Canada's Largest Airport

TORONTO, April 12, 2024 /CNW/ - The Greater Toronto Airports Authority ("GTAA") today initiated discussions with design and construction companies on Pearson LIFT - Long term Investment in Facilities and Terminals (LIFT), on the procurement, planning and vision of the program. LIFT is a capital plan spanning more than a decade, investing billions of dollars into Toronto Pearson's facility through several construction programs aimed at preparing Canada's largest airport for the challenges and opportunities of the coming years and beyond.

Toronto Pearson executives will launch today the first phase of a procurement process at an industry forum for 700 participants from design, construction, and technology industry companies. Toronto Pearson has been meeting passenger needs by deploying extraordinary resources to many of its aged assets and facilities, which is not a sustainable solution with passenger traffic expected to grow to approximately 65 million annually by the early 2030s – a figure that takes the airport beyond its 45 million passengers in 2023.

Toronto Pearson Airport is making smart investments to accommodate increasing passenger demand to meet the expectations and experiences they expect, with a focus on affordability, smart design, and sustainability.

"Through LIFT, we will deliver a world-class passenger experience, integrate smart architecture, unlock the digital potential in air travel, and advance towards a net-zero future," said Deborah Flint, President and Chief Executive Officer, GTAA. "These plans are anchored to our ambition to build an airport that will strengthen international competitiveness, leverage innovation, and advance sustainability, all which drive economic returns for Canada," she added.

The first program of LIFT will focus on modernizing airport assets, including high speed taxi lanes to improve airfield performance, modernized airfield electric lighting and control system, interim terminal facilities, and investments in power generation to advance towards net-zero targets. 

"LIFT is an investment in Canada's future economic prosperity and is poised to generate billions of dollars in economic benefits. These necessary investments will strengthen the supply chain, open the door to new opportunities for Canadian businesses, and create good jobs right here in the GTA. Together, they will enable sustainable growth and competitiveness on a global scale," said Doug Allingham, Chairman of the Board, GTAA.

These enhancements will pave the way for Toronto Pearson to become one of the greenest, technologically advanced, and passenger-friendly airports in North America and globally.

GTAA_PEARSON_B roll.m4v (dropbox.com)

Caution Regarding Forward Looking Information
This news release contains forward-looking information within the meaning of applicable securities laws. This forward-looking information is based on a variety of assumptions and is subject to risks and uncertainties. These statements reflect GTAA Management's current beliefs and are based on information currently available to GTAA Management. There is a risk that predictions, forecasts, conclusions, and projections that constitute forward-looking information will not prove to be accurate, that the GTAA's assumptions may not be correct and that actual results may differ materially from such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in the GTAA's securities regulatory filings, including its most recent Annual Information Form and Management's Discussion and Analysis, which can be found on SEDAR at www.sedar.com.

About Toronto Pearson
The Greater Toronto Airports Authority is the operator of Toronto Pearson International Airport, Canada's largest airport and a vital connector of people, businesses, and goods.

Toronto Pearson was named "Best Airport over 40 million passengers in North America'" in 2023 by Airports Council International (ACI), the global trade representative of the world's airports, after winning the award five years running between 2017 and 2021. Toronto Pearson was also recognized in 2024 as one of "Canada's Best Employers" by Forbes.

For our corporate X channel, please visit @PearsonComms. For operational updates and passenger information, please visit @TorontoPearson/@AeroportPearson on X. You can also follow us on Facebook or Instagram.

SOURCE Greater Toronto Airports Authority

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