MONTREAL – SNC-Lavalin says it is changing its name to AtkinsRealis in a rebranding move after a tumultuous decade for the engineering giant.
In an interview, CEO Ian Edwards said the company wants a makeover following 11 years marked by scandals, trouble with the law and sometimes lacklustre earnings.
The new moniker comes as SNC looks to leave behind the Libya corruption scandal that tarnished its reputation and ensnared the highest office of the Canadian government and to shed the costly backlog of big, over-budget rail contracts that has plagued it for years.
The company sold its unprofitable activities in the oil sector in 2021 for a fraction of what it had paid in 2014 and no longer bids on fixed-price construction contracts due to the frequent cost overruns.
Edwards says the name change to AtkinsRealis both signifies an inflection point for the firm and offers a greater sense of belonging to employees who work for its subsidiaries.
The company says its symbol on the Toronto Stock Exchange will also change from SNC to ATRL as of Monday, Sept. 18.
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Changing the name doesn’t change the culture. The fact that they no longer bid fixed price construction contracts says plenty about their inability to control costs and their never ending reliance on government support in procuring contracts only because of their Quebec political connections.