NZECO guarantee supports Glidepath Limited in the US
Page updated 22 Jun 2009
The niche airport systems integrator Glidepath Limited has secured another major contract in the United States with support from the New Zealand Export Credit Office (NZECO).
The NZ$40 million security project requires Glidepath to design, manufacture and install a new baggage handling and security screening system at Nashville International Airport in Tennessee.
"This is a great win for Glidepath against world leading specialists" said Chairman, Ken Stevens. "We’ve got a very good reputation in the United States for the quality and reliability of our high technology systems."
Because this project is partly funded with US Federal money, there was a requirement for Glidepath to post both an initial bid bond followed by performance and payment bonds upon award of the contract. The NZECO has underwritten these bonds which have enabled them to be issued by Liberty Mutual Insurance Company (one of the largest surety bond providers in the United States).
This arrangement between Liberty Mutual and the NZECO makes it easier for New Zealand companies to bid for and perform US federal, state or city municipal projects that typically require these 100% US surety bonds.
Ken Stevens said that exporters’ needs were able to be fulfilled by the NZECO in an area that would be nigh impossible for Glidepath to win US Federal contracts if their US surety bond guarantee backing were not available.
The NZECO, New Zealand’s export credit agency, provides financial guarantee products for New Zealand exporters. The NZECO's products help exporters manage risk and capitalise on trade opportunities around the globe.
As well as working directly with exporters, the NZECO works closely with commercial financiers in New Zealand and offshore to support and improve the competitiveness of New Zealand exporters. It provided the support exporters need when financial, country or industry risks exceed the capacity available in financial markets.
About Glidepath Limited
Glidepath is a world leader in the design, manufacture and installation of baggage handling and security systems. Along with manufacturing operations in Auckland, it has two fully-integrated manufacturing facilities in Dallas, Texas and Kunshan, China, as well as subsidiary companies in Canada, Latin America, Australia and Dubai. It has been operating for 37 years, and has successfully completed 500 projects across 60 countries around the world.