AtkinsRéalis to sell Linxon joint venture after beating earnings expectations

  • 📰 DCN_Canada
  • ⏱ Reading Time:
  • 36 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 74%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Canada's construction news

MONTREAL —AtkinsRéalis chief executive Ian Edwards announced the engineering firm is looking to sell its money-losing joint venture with Hitachi Energy after beating earnings expectations and notching a record services backlog last quarter.

In July, the company announced a deal to sell its Scandinavian engineering business, Systra Group, to a French consulting firm for 80 million pounds — about $137 million. The deal marked the first big move under a strategic revamp as the firm looks to sharpen its game as a pure-play engineering firm in green energy and infrastructure.

Under Edwards’ stewardship since June 2019, AtkinsRéalis has shifted its focus to engineering and consulting services and away from lump-sum projects — fixed-price contracts under which the company must foot the bill for cost overruns. The loss was lower because it relates to administrative tasks, permitting, testing and driver training, executives said.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 17. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines