PHILADELPHIA and LOS ANGELES, Nov. 07, 2016 (GLOBE NEWSWIRE) -- Hill International (NYSE: HIL ), the global leader in managing construction risk, announced today that its joint venture with APSI Construction Management has received a new contract from Los Angeles World Airports (LAWA) to continue providing project controls support services. The five-year contract, which has an option for two additional years, has an estimated value to the joint venture of approximately $42.5 million. Hill is a 51% partner in the joint venture and APSI is a 49% partner.
LAWA, a department of the City of Los Angeles, is currently in the midst of a multi-billion-dollar capital improvement program at Los Angeles International Airport (LAX). The centerpiece of the program is the New Tom Bradley International Terminal project, which includes new gate and concourse areas and a Great Hall for luxury dining and retail. Additionally, there are several major airfield and facility projects underway that are part of the development program, including a new central utility plant, new taxiways and taxi lanes and renovations to other terminals.
“We are extremely honored that LAWA has selected the Hill/APSI team to support their capital improvement program,” said Michael B. Smith, Senior Vice President and Western Regional Manager for Hill’s Project Management Group. “This new contract is a direct result of the hard work and dedication of our project team members on our existing contract,” added Smith.
APSI Construction Management, founded in 1990, is a leader in providing construction project management, project controls, scheduling, estimating, document control, risk analysis, and claims analysis services. They became leaders in the industry by attracting and retaining highly-trained staff, remaining at the forefront of industry technologies, and by expanding their services to meet the needs of their clients. For more information on APSI, please visit their website at www.apsipm.com .
Hill International, with 4,500 professionals in 100 offices worldwide, provides program management, project management, construction management, construction claims and other consulting services primarily to the buildings, transportation, environmental, energy and industrial markets. Engineering News-Record magazine recently ranked Hill as the eighth largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com .
Certain statements contained herein may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and it is our intent that any such statements be protected by the safe harbor created thereby. Except for historical information, the matters set forth herein including, but not limited to, any projections of revenues, earnings or other financial items; any statements concerning our plans, strategies and objectives for future operations; and any statements regarding future economic conditions or performance, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although we believe that the expectations, estimates and assumptions reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results to differ materially from estimates or projections contained in our forward-looking statements are set forth in the Risk Factors section and elsewhere in the reports we have filed with the Securities and Exchange Commission, including that unfavorable global economic conditions may adversely impact our business, our backlog may not be fully realized as revenue and our expenses may be higher than anticipated. We do not intend, and undertake no obligation, to update any forward-looking statement.
Hill International, Inc. John P. Paolin Senior Vice President of Marketing and Corporate Communications (215) 309-7710 johnpaolin@hillintl.com
The Equity Group Inc. Devin Sullivan Senior Vice President (212) 836-9608 dsullivan@equityny.com
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