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November 26, 2009
Aecon Group settles dispute over Quito International Airport project in Ecuador
TORONTO
Aecon Group Inc. has settled a dispute over the Quito International Airport project in Ecuador’s capital city, clearing the way for project financing and construction to resume, the Toronto-based firm has announced.
Aecon estimates its earnings from the project will be reduced by 18 per cent as a result of the settlement.
Under the agreement, the Municipality of Quito will receive 18 per cent of the airport’s net income plus $500,000 per year, in addition to the previously contracted concession fees.
The agreement was negotiated by the company and its partners, the city, the lenders and the Canadian Commercial Corp., an agency of the federal government.
The Canadian federal agency has subcontracted 100 per cent of the construction work to Aecon which subcontracted the work to a 50-50 joint venture between it and a large Brazilian construction company.
Canadian Press
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