A Canadian-led initiative, the project has significant Canadian contributors including: Aecon as partner of both the construction joint venture and the concessionaire; Canadian Commercial Corporation as prime contractor; Export Development Canada as a lender; as well as MMM Group, a Canadian engineering and design firm.
"The Quito Airport project is illustrative of what Canadian firms bring to complex international construction projects: construction expertise, state-of-the-art architectural design and engineering, as well as the successful implementation of a public-private-partnership," said John M. Beck, Chairman and CEO of Aecon Group Inc. "This decade-long achievement wouldn't have been possible without the successful partnership between Canada and Ecuador and it is a pleasure to celebrate this achievement with our Canadian and international partners and lenders, the Republic of Ecuador, and the Municipality of Quito."
Aecon has built the greenfield airport as part of a 50/50 joint venture with Andrade Gutierrez Constructores S.A., a construction company based in Brazil. Work on the engineer/procure/construct contract involved all critical infrastructure for the airport including the passenger terminal, runways, control tower, ancillary buildings, as well as the supply and integration of the IT, navigation and security systems.
The airport has been constructed for Corporaciσn Quiport S.A. (Quiport), the concessionaire of the airport in which Aecon holds a 42.3 per cent economic stake. Aecon's partners in Quiport are: CCR S.A., Airport Development Corporation of Toronto and HAS Development Corporation of Houston, Texas (affiliated with the Houston Airport System). Senior lenders of the project are: US-based Overseas Private Investment Corporation, Export-Import Bank of the USA, the Inter-American Development Bank, as well as Export Development Canada.
"I am incredibly proud of Aecon and our partners for collaboratively completing what is now the most advanced airport in Latin America," said Steve Nackan, President, Aecon Concessions. "This award-winning project has been developed with the highest standards in construction, sustainability, project development and financing, and we thank all our partners for their contributions."
Aecon Group Inc. is a Canadian leader in construction and infrastructure development providing integrated turnkey services to private and public sector clients. Aecon is pleased to be consistently recognized as one of the Best Employers in Canada.
The information in this press release includes certain forward-looking statements. These "forward-looking" statements are based on currently available competitive, financial and economic data and operating plans but are subject to risks and uncertainties. In addition to events beyond Aecon's control, there are factors which could cause actual or future results, performance or achievements to differ materially from those expressed or inferred herein including, but not limited to: the timing of projects, unanticipated costs and expenses, general market and industry conditions and operational and reputational risks, including Large Project Risk and Contractual Factors. Readers are referred to the specific risk factors relating to and affecting Aecon's business and operations as filed by Aecon pursuant to applicable securities laws. Forward-looking statements may include, without limitation, statements regarding the operations, business, performance, prospects, strategies and outlook for Aecon. Forward-looking statements, may in some cases be identified by words such as "will," "plans," "believes," "expects," "anticipates," "estimates," "projects," "intends," "should" or the negative of these terms, or similar expressions. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Aecon undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.