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SNC-Lavalin Guts Resources Business as COVID-19 Forces Rethink
Industry Segment: Power | Word Count: 770 Words
SUGAR LAND--August 4, 2020--Researched by Industrial Info Resources (Sugar Land, Texas)--SNC-Lavalin Group Incorporated (TSX:SNC) (Montreal, Quebec) is the latest energy services company to pare its operations amid the one-two punch of low commodity prices and the COVID-19 pandemic. The engineering, procurement and construction (EPC) firm announced its legacy resources business and associated lump-sum turnkey projects "will be largely wound down," with all ongoing projects in its soon-to-be abandoned markets wrapping up by the end of 2020, according to a quarterly earnings-related press release. Industrial Info is tracking $77 billion in active projects involving SNC, including nearly $30 billion worth that have been delayed or otherwise affected by COVID-19 precautions.
Within the article: Details on some of the top-valued projects featuring SNC's services to have been affected by the pandemic, including those for companies such as Birla Carbon USA Incorporated, Ontario Power Generation Incorporated and Pacific Future Energy Corporation.
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