MISSISSAUGA, Ontario, Feb. 28, 2020 (GLOBE NEWSWIRE) -- SNC-Lavalin’s fourth quarter earnings, released today, illustrate the outsized contribution members of the Society of Professional Engineers and Associates (SPEA) have made to the company’s survival during one of its most challenging years, the union reports.
“SNC-Lavalin built its nuclear business around our made-in-Canada CANDU technology,” explained SPEA President Mark Chudak. “As the stewards of CANDU intellectual property now deployed around the world, SPEA members have enabled SNC-Lavalin to attain an industry-leading position in nuclear services.”
In July 2019, SNC-Lavalin announced a new strategic direction, focusing on four high growth, high margin areas, including nuclear services. SNC-Lavalin’s nuclear segment proved to be a source of stability during the critical turnaround. In the challenging second quarter of 2019, the nuclear segment posted a healthy earnings margin of 13.2%. Today, that margin has increased to 18.1%, one of the company’s strongest-performing segments.
SNC-Lavalin’s nuclear services will play a growing role in the company as it completes its reorganization under new CEO Ian Edwards. In Q4 2019, nuclear work generated roughly 10% of the company’s revenues, up from 8% in 2017. Over the last few months, the company has landed several new contracts for CANDU services involving SPEA members in Ontario, Romania and Korea.
“SPEA members are highly specialized, and undergo years of training,” explained SPEA Officer Jasjit Rehsia. “Around the world, our members’ work extends across the full life cycle of nuclear assets, from design, licensing and servicing to life extension, decommissioning and remediation. We look forward to helping SNC-Lavalin meet the growing demand for clean sources of energy, in Canada and around the world.”
The Society of Professional Engineers and Associates (SPEA) is an independent union representing engineers, scientists, technicians, technologists, skilled tradespersons, designers, operations and administrative staff employed by SNC-Lavalin. Formed in 1974, SPEA is one of the oldest professional unions in Canada. Collectively we represent most of Canada's nuclear power reactor design expertise.
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