CDPQ calls SNC Lavalin performance 'cause of growing concern'
Caisse de dépôt et placement du Québec (CDPQ) said deterioration in the performance of SNC-Lavalin Group Inc (TSX: SNC), a Montréal-based construction and engineering company, is a "cause of growing concern." SNC Lavalin today reported lower results in 2019 than previously anticipated. It said it will alter strategic direction, including exiting lump-sum turnkey contracting and reviewing options for its resources unit. CDPQ, which holds a 19.9 percent stake in SNC Lavalin, said the strategy must be comprehensive and "capable of reversing the current unacceptable trend of the business." In 2017, CDPQ backed SNC-Lavalin's $3.6 billion acquisition of U.K.-based WS Atkins Plc.
22 July 2019•2 mins read
