MISSISSAUGA, Ontario, Aug. 06, 2020 (GLOBE NEWSWIRE) -- On Friday, SNC-Lavalin reported that its nuclear segment exceeded its Q2 earnings margin by a staggering 14%, at the peak of the pandemic. SPEA is calling for a reversal of layoffs and for substantial reinvestments in the company’s most consistently profitable business segment.
“At the beginning of the pandemic, the Province of Ontario declared our work essential to keeping the lights on during the crisis,” explained Chris Jacobs, SPEA Executive Member, the union representing employees of SNC-Lavalin’s subsidiary, Candu Energy. “Pursuing wage cuts and layoffs at Candu Energy is counter to SNC-Lavalin’s new business strategy – to protect and invest in its going concerns.”
SNC-Lavalin reports that its nuclear segment contributed approximately 15% to revenues from its Engineering Services division in the second half of 2020, responsible for about 28% of the division’s profits. As SNC-Lavalin winds down unprofitable and high-risk contracts, it is anticipated that the nuclear segment’s contribution to company revenues and earnings will continue to grow.
“It is time to shore up one of SNC-Lavalin’s most successful businesses and restore the full complement of staff - not only to meet our existing commitments, but also to take advantage of emerging opportunities to build new low-emission sources of energy through made-in-Canada technology,” said Jacobs.
The Society of Professional Engineers and Associates (SPEA) are the people powering Canada’s energy innovation. Formed in 1974, we are an independent union representing engineers, scientists, technicians, technologists, skilled tradespersons, designers, operations and administrative staff employed by SNC-Lavalin. Collectively we represent the majority of Canada's nuclear power reactor design expertise.