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SNC-Lavalin Group Inc
Symbol SNC
Shares Issued 175,554,252
Close 2020-07-31 C$ 21.25
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Globe says SNC plans major cuts to energy, mining

2020-08-04 07:33 ET - In the News

The Globe and Mail reports in its Saturday, Aug. 1, edition that SNC-Lavalin Group is scaling back its energy and mining business by more than half. The Globe's Nicolas Van Praet writes that SNC will close or sell resource operations in 21 of 30 countries where it currently has offices. The move will result in a 60-per-cent drop in employees working on resource contracts, from 15,000 to 6,000 people by the end of next year. SNC says it wants to maintain control of its destiny. Chief executive officer Ian Edward says, "The important thing for us is to simplify the business, get the overhead down, concentrate on these clients that we've got a long track record with and get the business back to profitability." The Globe says Mr. Edwards is trying to reshape SNC into a company that does more consultancy and project management type work while closing out billions of dollars worth of higher-risk construction contracts. It has been hurt recently by continued weakness in its oil and gas business in particular. SNC helps oil and gas producers and miners set up and maintain their facilities. The resources business was once a mainstay of SNC's capabilities that made up 30 per cent of consolidated revenues.

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