News

Calmaquip Engineering Corp., Miami, FL, and sub-suppliers in 13 U.S. states are helping Trinidad modernize its main airport to meet anticipated growth in tourism and business demand, backed by financing from the Export-Import Bank of the United States (Ex-Im Bank).

Ex-Im Bank is providing a 10-year $26 million comprehensive loan guarantee to Dresdner Bank Lateinamerika AG, Miami, FL, to support the export of approximately $30 million of U.S. goods and services by Calmaquip and airport equipment suppliers in Utah, Georgia, Maryland, California, Virginia, New Jersey, Pennsylvania, Missouri, Illinois, North Carolina, Ohio, Florida and Minnesota. The equipment and services exports to the Government of Trinidad and Tobago will upgrade and expand Piarco International Airport. The $105 million project, which is expected to be completed by early 2001, will more than double the airport's capacity by adding a 400,000-square-foot, 16-gate terminal building.

Ex-Im Bank's support has been 100 percent, Armando Paz, the treasurer and chief financial officer of Calmaquip, said. Without it, we could not have made it. We competed with European competitors, and won thanks to Ex-Im Bank.

Calmaquip has participated in or supplied equipment to more than 20 airport projects primarily in Latin America and the Caribbean. The company has approximately $60 million in annual sales and 50 employees in Miami. Paz said this transaction allowed the company to hire approximately 10 additional workers in Miami. Ex-Im Bank also has supported a Calmaquip project in Chile.

Ex-Im Bank is committed to financing more U.S. exports to Trinidad, said Ex-Im Bank Vice Chair Jackie M. Clegg. This type of export creates jobs and economic growth not only in the United States but also in emerging markets such as Trinidad.

The suppliers, who will provide loading bridges, baggage handling systems, security equipment, public address systems, emergency power systems and other equipment, are:

FMC Jetway Systems, Ogden, UT; Jervis B. Webb Co., N.E. Marietta, GA; Litton-Denro, Gaithersburg, MD; Pelco Worldwide, Clovis, CA; Rapiscan Security Product Inc., Lake Ridge, VA; Schindler Elevator Corp, Morristown, NJ; Lucent Technologies, Murray Hill, NJ; AMP Inc./TYCO Electronics, Middletown, PA; Innovative Electronic Designs, Inc., Plant City, FL; Atlas Soundolier Atapco Security and Communication Group, Fenton, MO; Cansec System Inc., Miami, FL; Annixter Brothers, Inc., Skokie, IL; Newton Instrument Co., Inc., Butner, NC; International Display System Inc., Danton, OH; Katolight Corporation, Mankato, MN; Zenith Control Inc., Chicago, IL, and Industrial Metal Fabrication Inc., Columbus, GA.

Ex-Im Bank has authorized about $662 million in financing for U.S. exports to Trinidad and Tobago during the last five and half years.

Ex-Im Bank is an independent US government agency that helps finance the sale of U.S. exports primarily to emerging markets throughout the world, by providing loans, guarantees, and insurance. During fiscal year 1999, Ex-Im Bank supported nearly $17 billion in U.S. exports.