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SNC-Lavalin Group Inc. has announced that it will cut 9,000 employees from its resources unit by the end of next year as part of a restructuring that will see the company leave 21 countries to stem losses.
The Montreal-based engineering firm will reduce the resource division to around 6,000 people from 15,000 today. He will seek business primarily in the Americas and the Middle East, focusing on nine countries where SNC has “existing profitable relationships with long-standing clients and clear visibility of opportunities,” the company said in a statement. Friday.
SNC-Lavalin shares fell 9% in Toronto after reporting a loss of $ 111.6 million (US $ 83.1 million) in the second quarter. The stock was the worst performer on Friday on the S & P / TSX 60 index.
The restructuring is part of a strategy to focus on engineering consulting and project management services, which “delivered strong financial results” in the second quarter, said SNC-Lavalin CEO, Ian L. Edwards, in a press release.