SNC-Lavalin cutting 405 jobs in Canada due to mining weakness
MONTREAL — Engineering giant SNC-Lavalin is cutting another 405 jobs in Canada due to the weakness in the mining sector and ongoing efforts to boost its profit margin.
Spokesman Louis-Antoine Paquin says the company will eliminate 186 positions in Montreal, 195 in Ontario and 24 in Saskatoon, says spokesman Louis-Antoine Paquin.
About 70 per cent of the positions are in the mining and metallurgy division.
SNC-Lavalin’s office in Sudbury, Ont., will close, although employees will work directly with customers at their operations.
SNC-Lavalin (TSX:SNC) has a goal of increasing its adjusted margin to seven per cent next year, up from 4.3 per cent in the first nine months of 2016. Earlier this year, the The Montreal-based company cut 950 jobs around the world, including 600 in Canada. That followed the cutting of 4,000 positions in 2014.
Despite the series of job cuts, SNC-Lavalin’s global workforce will be a little more than 39,000 at the end of the year, up 2,000 from a year ago due to hirings in other sectors.
More hirings are expected next year as the firm opens an office in Kingston, Ont., that specializes in transportation.