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SNC-Lavalin Group Inc
Symbol SNC
Shares Issued 175,554,252
Close 2021-03-09 C$ 24.90
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Globe says SNC looks to "grab" U.S. market share

2021-03-10 08:22 ET - In the News

The Globe and Mail reports in its Wednesday edition that SNC-Lavalin Group is eyeing a bigger push into the United States as it positions itself to win a piece of billions of dollars in planned infrastructure spending and prove it can make money on a consistent basis after years of crisis. The Globe's Nicolas Van Praet writes that Montreal-based SNC has 5,000 employees in the U.S., far fewer than its main rivals, with staff working on infrastructure projects in Southern states such as Texas, Florida and Georgia, according to chief executive officer Ian Edwards. The company has a "potential market share grab" in more northern states, as well as California, where it sees "heavy investment" and demand to replace aging systems, from public transit lines to power grids, he said. "We'll continue to build on" SNC's existing footprint, Mr. Edwards told The Globe after the company on Tuesday posted a fourth-quarter loss from continuing operations of $322.9-million. "The key right now for us is organic growth." Hobbled for years by corruption allegations and a business model under which it bled cash to complete lump-sum, turnkey contracts, SNC is trying to reshape itself into a lower-risk engineering services company.

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