TORONTO, ONTARIO--(Marketwire - Aug. 9, 2012) - The Society of Professional Engineers and Associates (SPEA) is holding an information picket this morning in front of the Toronto Stock Exchange (TSX) to draw attention to SNC-Lavalin's disregard for employees and shareholders.
Financial experts agree that SNC-Lavalin is facing a "perfect storm": Financial scandal, labour disputes and the search for a CEO, all attributable to a corporate culture that needs fixing from top to bottom, said White. "We agree and they can start by settling our labour dispute so we can return to work to deliver the best nuclear technology and return value for shareholders."
"It is shocking how SNC-Lavalin has conducted itself since they acquired Candu Energy from the Federal Government," said Peter White, President of SPEA. "Candu Energy has been one of the few bright spots for SNC-Lavalin, which has been struggling with poor performance, leadership issues and assorted allegations of financial wrongdoing."
According to White, "Candu Energy has a bright future but current management doesn't appreciate the opportunities and refuses to deal with employees in a fair manner. This is resulting in staff leaving and creating lost opportunities. "Since the federal government announced the sale of the commercial division of Atomic Energy of Canada Limited (AECL) to SNC-Lavalin in June of 2011, scientific and technical staff has been reduced by approximately 25%. "For a technology company that relies heavily on the skills of its workers this should concern shareholders,' said White.
Note to Media: SPEA members will be picketing in front of the Toronto Stock Exchange at 130 King Street West, Toronto from 8:30 AM to 12:30 PM
The Society of Professional Engineers and Associates (SPEA) represents engineers, scientists, technologists and trades people who collectively represent the majority of Canada's nuclear power design expertise employed by Candu Energy Inc., a wholly owned subsidiary of SNC-Lavalin International. The Federal Government sold off the commercial business of Atomic Energy of Canada Limited (AECL) to SNC-Lavalin International, in a deal which closed in October of 2011.