Professional, technical and management support services provider, AECOM (ACM), recently received a concession contract from the Transport for London (“TfL”), a government agency of the UK. The contract requires the company to undertake the management and operation of the Fleet Operator Recognition Scheme (“FORS”), an accreditation scheme designed to enhance fleet activity across London and the UK on the whole.
The initial tenure for the contract is five years, while there is an option to extend it by another two years. AECOM received this contract in partnership with the Chartered Institute of Logistics and Transport (“CILT”) and Fleet Source. The concession will be led by AECOM, while CILT will cater to tasks relating to marketing and governance. On the other hand, Fleet Source will be deploying its skills for undertaking accreditation audits and training. The partnership is named as FORS Community Partnership.
Presently, FORS’ scheme is availed by a number of companies across the Greater London area. The aforementioned initiative will allow other companies in the UK to avail the scheme as well. As such, AECOM will be rolling out a national scheme catering to the companies and operators outside London, thereby giving them an opportunity to obtain accreditation for their fleet.
The transition will be managed jointly by AECOM and TfL, while FORS Community Partnership will undertake the management of FORS from Feb 16 onward. At present, AECOM has initiated a process of setting up a Governance Board for FORS that comprises primary industry stakeholders including TfL.
This deal strengthens AECOM’s aspirations for the infrastructure sector in the UK, given the company’s strong foothold in areas like construction, logistics and cycle safety as well. The company’s expertise in these domains will significantly advance the development of FORS throughout the UK, allowing it to reach a greater number of companies, while ensuring that their road fleet operations are safer, reliable and efficient.
AECOM currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the engineering research and development services industry are Pernix Group Inc (PRXG), Quanta Services, Inc. (PWR) and Willdan Group, Inc. (WLDN). All three stocks carry a Zacks Rank #2 (Buy).
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