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SNC Lavalin changing its name to AtkinsRéalis in effort to shed parts of its past

It’s a name change but the company will still be the main private sector force behind Canada’s current push for SMRs.

SNC Lavalin changing its name to AtkinsRéalis in effort to shed parts of its past

Stéphane Rolland, Christopher Reynolds · The Canadian Press ·

SNC-Lavalin is changing its name to AtkinsRéalis as it faces an “inflection point” in its 112-year history, according to CEO Ian Edwards, after a tumultuous decade for the engineering giant.

The rebrand follows 11 years markedby trouble with the law, including the Libya corruption scandal that tarnished its reputation and ensnared the highest office of the Canadian government, as well as lacklustre earnings at times.

The company also hopes to shed the costly backlog of big, over-budget rail contracts that has plagued it for years and launch expansion plans after a steady slim-down regimen and, until 2021, declining revenue and headcount……………………………………..

Doubts persist in the financial community that SNC’s newfound momentum will continue, particularly given its inconsistent performance over the years, said National Bank analyst Maxim Sytchev. But those worries can overlook the fact the company has a new management team and board of directors, he added

“While margin expansion is certainly possible, it is by no means an easy task,” Sytchev said.

“The Montreal-based company said its symbol on the Toronto Stock Exchange will change from SNC to ATRL as of Monday, Sept. 18.”

https://www.cbc.ca/news/canada/montreal/snc-lavalin-changes-name-to-atkinsr%C3%A9alis-1.6964149

September 14, 2023 - Posted by Christina Macpherson | secrets,lies and civil liberties