The Montreal-based engineering and construction company (TSX:SNC) says the job cuts are part of its ongoing efforts to get out of underperforming business segments.
About three-quarters of the downsizing will be directed at SNC's activities outside of Canada.
SNC-Lavalin is one of the world's leading engineering and construction group, with offices in more than 50 countries and about 45,000 employees worldwide serving a variety of industries.
The company has been working for several years to overcome the impact of alleged corruption among some of its former senior executives.
The downsizing was announced with SNC's third-quarter financial results, which showed an overall profit due to its investments in major infrastructure businesses and a reduced loss from engineering and construction activities.
Net income for the three months ended Sept. 30 was about $69 million or 45 cents -- compared with a loss of $72.5 million or 48 cents per share in the third quarter of 2013.
Original Article
Source: huffingtonpost.ca/
Author: CP | By Ross Marowits
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