03/18/2016 11:51 EDT | Updated 03/19/2017 05:12 EDT

SNC-Lavalin Layoffs To Hit 950 Positions, Including 600 In Canada

Looking for $100 million in annual savings.


MONTREAL — SNC-Lavalin is eliminating 950 jobs around the world, including 600 in Canada.

The Montreal-based engineering and construction firm says all of the employees affected have been notified, with most having already left.

The company says the downsizing in Canada mainly involves employees in Ontario and Alberta, followed by Quebec, and follows the elimination of 4,000 positions in 2014.

The latest cuts are part of a larger restructuring announced last November by CEO Neil Bruce to adapt to a weaker economy.

SNC-Lavalin (TSX:SNC) expects to save $100 million per year from a series of efforts, including workforce reduction.

The job losses touch several areas of operation including the weak oil and gas sector in Western Canada.

The company has nearly 40,000 employees around the world, including almost 12,000 in Canada.

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