SNC-Lavalin CEO says employees will move to foreign rivals if it is debarred

SNC-Lavalin CEO says employees will move to foreign rivals if it is debarred
TORONTO — SNC-Lavalin’s local employees will be forced to work for foreign competitors if the embattled engineering firm is barred from bidding on federal contracts, diminishing its role as rare Canadian global champion, the company’s CEO said Wednesday. “There would be a reduction with us but these are talented folks. They’ll get a job,” Neil Bruce said in an interview with The Canadian Press.... Read More

Forest service plans large sale of Alaskan old growth timber

Forest service plans large sale of Alaskan old growth timber
JUNEAU, Alaska — The U.S. Forest Service is planning the largest sale of Alaska old growth timber in years. The Prince of Wales Island Landscape Level Analysis project will harvest as much as 225 million board feet (about 53,094 cubic meters) of old growth lumber from Prince of Wales Island in Tongass National Forest, CoastAlaska reported Saturday. The service said... Read More

WSP Global reports $43.4M fourth-quarter profit, up from year ago

WSP Global reports $43.4M fourth-quarter profit, up from year ago
MONTREAL — WSP Global Inc. says its fourth-quarter profit attributable to shareholders was $43.3 million, up from $30.3 million a year ago. The engineering and consulting firm says net earnings amounted to 41 cents per diluted share for the quarter ended Dec. 31 compared 29 cents per diluted share a year ago. Revenue totalled $2.04 billion, up from $1.95 billion... Read More

WSP ordered to pay $4 million fine for bid-rigging on Quebec contracts

WSP ordered to pay $4 million fine for bid-rigging on Quebec contracts
OTTAWA — The Competition Bureau says engineering firm WSP Global Inc. has been ordered to pay $4 million for bid-rigging on municipal infrastructure contracts in Quebec. It says the payment is part of a settlement filed with the Superior Court of Quebec for the company’s role in a bid-rigging scheme between 2002 and 2011, when the firm was known as Genivar Inc. The bureau... Read More

Aecon notches record revenues as it takes on higher-risk infrastructure projects

Aecon notches record revenues as it takes on higher-risk infrastructure projects
MONTREAL — On the heels of record annual revenues and successful project bids, Aecon Group Inc. says it is not yet feeling any pressure from high-risk, fixed-bid infrastructure contracts it will face over the next couple of years. “So far, none of those big jobs have experienced…problems during the beginning of the execution,” Jean-Louis Servranckx, who came on board as CEO... Read More

Aecon engineering firm notches record revenues and contract bookings in 2018

Aecon engineering firm notches record revenues and contract bookings in 2018
MONTREAL — Aecon Group Inc. said it notched record annual revenues in 2018, allowing it to raise its quarterly dividend by two cents per share to 14.5 cents. The engineering firm logged a 16 per cent year-over-year increase in revenues to $3.27 billion last year, up from $2.81 billion in 2017. For the quarter ended Dec. 31, it said revenues rose 38 per... Read More

SNC-Lavalin sues former CEO for millions over hospital bribery scandal

SNC-Lavalin sues former CEO for millions over hospital bribery scandal
MONTREAL — SNC-Lavalin Group Inc. is suing its former CEO in connection with a bribery scandal around the construction of a $1.3-billion Montreal hospital. The beleaguered engineering and construction giant says in court documents that Pierre Duhaime hurt the company when he helped a public servant commit a breach of trust tied to $22.5-million in bribes that helped secure the... Read More

Forest group readies ambitious new standards for sustainable industry

Forest group readies ambitious new standards for sustainable industry
A new bar will soon be set on what counts as sustainable forestry, holding potential implications for the future of the woodland caribou and of the forestry industry itself. After years of debate, the Canadian division of the Forest Stewardship Council hopes to have its updated forest management standards approved by its international body in the coming weeks to set an example for lawmakers... Read More

SNC-Lavalin Group slashes dividend 65%, reports $1.6B fourth-quarter loss

SNC-Lavalin Group slashes dividend 65%, reports $1.6B fourth-quarter loss
MONTREAL — SNC-Lavalin Group Inc. slashed its dividend by 65 per cent Friday as it reported a fourth-quarter loss of $1.6 billion. The troubled engineering and construction company says it will now pay a quarterly dividend of 10 cents per share compared with its earlier payment of 28.7 cents per share. SNC has been at the centre of a political scandal in Ottawa over... Read More

Stelco sees earnings boost from higher prices, demand as tariff costs down

Stelco sees earnings boost from higher prices, demand as tariff costs down
HAMILTON — Stelco Holdings Inc. says it saw a significant earnings boost in the fourth quarter as both shipments and steel prices rose while it reduced tariff costs. The company says it had a net income of $110 million, or $1.23 per share for the quarter ending Dec. 31, up from $15 million or 21 cents per share for the same quarter... Read More