MECO Panamá starts with enthusiasm in 2009
In 2008, Constructora MECO merged Constructora Atlantic Tractor, S.A., a Panamanian company that had enjoyed a successful experience in works in the Panama Canal and in the private sector. This trajectory has allowed MECO to be automatically included in an active market, quickly reaching contracts for more than 80 million dollars, and billing goals of 64 million dollars and a growth of 100% in sales.
MECO Panamá has an optimal organizational structure, governed by the guidelines established by the corporate leaders of the parent company. It has 400 employees and a billing amount in 2008 of around 28 million dollars.
We are starting this year with great challenges.
MECO positioned itself in the market to be award the construction of the PAC-3 project, part of the macro project of expansion of the Panama Canal and the construction of a third set of locks. Work started officially on January 16.
This project consists in the movement of 8 million m3 and the cleaning of 190 hectares contaminated with explosives, in fields used by the U.S. military for their practices. This work shall take approximately two years. We have placed our best technical and professional group at the front of this project, and have purchased Terex RH 120 (120 tons) excavators and rigid trucks, CAT 777, Sandvick DX800 drilling rigs, D8 and D9 tractors, etc., with investment amounts that exceed 12 million dollars.
We have also commenced work in another major challenge with an investment group from England and Colombia, which was awarded the concession to develop a new city in the former Howard base. To give you an idea of the magnitude of the project, we can say as an example that Panama City has an area of 1100 hectares and the new development shall have an area of 1200 hectares.
During this initial stage, the investment group has conducted three bidding proceedings, all awarded to MECO. For this purpose, we have an interdisciplinary group reinforced with engineers and technicians from the parent company, and they have been welcomed with the characteristic warmth of our people in MECO. The initial stage shall be completed in 12 months.
Other projects include the construction of the Rodman container port, under an earthwork and dam construction contract. We have there a fleet of 70 trucks, 4 excavators, 5 tractors and support equipment.
We also have other projects of similar importance: the exploitation of three quarries, producing more than 100,000 m3 per month and very soon a fourth quarry; and two projects for the Panama Canal Authority, named Hodges projects and Velázquez dump. We are also involved in the construction of two roads under a consortium modality. They represent and approximate length of 70 Km, and are known as Macaracas in the central zone of the country and the Ipetí project in the Eastern zone.