MonTREAL — SNC-Lavalin has announced its third-quarter results.
For the third quarter of 2014, reporting a net income of $69 million. Revenues for the third quarter of 2014 totalled $2.0 billion, in line with the third quarter of 2013.
However, the company also announced a new initiatives to align with its growth strategy. SNC-Lavalin says it will reduce the companys global workforce by 4,000, or nine per cent of the total, over an 18-month period starting in 2015.
The Company recognizes the impact of its decision to reduce its workforce, but notes that the restructuring and right-sizing actions are intended to ensure that SNC-Lavalin’s global employee base has a stronger platform from which to grow, as well as access to an increasing number of professional opportunities. According to the company, job cuts are part of its ongoing efforts to get out of underperforming business segments.
“Over the past two years, we have made significant progress on our focused plan to become a global Tier-1 engineering and construction company, with industry leading capabilities in the resources, power and infrastructure markets,” said Robert G. Card, President and CEO, SNC-Lavalin Group Inc. “We have substantially transformed our business and rapidly met key milestones for creating shareholder value.”
While some of the restructuring will affect its Canadian operations, about three-quarters of the downsizing will be directed at SNCs activities outside of Canada.
“We are taking definitive action to reshape our platform and enhance our ability to deliver outstanding services to clients, long-term value for our stakeholders and exciting opportunities for our team. This is the next major phase in our five-year Strategic Plan, and we will build on the tremendous opportunity set created through the acquisition of Kentz and on the successful execution of our Value-Up initiatives,” added Mr. Card.
SNC-Lavalin have offices in more than 50 countries and about 45,000 employees worldwide serving a variety of industries.
SOURCE SNC-Lavalin
