Canadian engineering firm SNC-Lavalin (SNC) has announced a corporate rebrand that includes a name change to “AtkinsRéalis.”
The Montreal-based company said its ticker symbol on the Toronto Stock Exchange will change to “ATRL” on September 18 of this year.
The new corporate name combines “Atkins,” the British engineering firm WS Atkins that it bought in 2017, with “Réalis,” a French word that means “to realize” or “to make happen,” which alludes to project delivery, according to the company.
SNC-Lavalin has been a going concern for 112 years. The rebrand comes after more than a decade of trouble for the engineering firm.
The company has been involved in a corruption scandal in Libya that hurt its international reputation and contributed to poor earnings.
SNC-Lavalin has been trying to unwind a costly backlog of over-budget rail projects that has plagued it for years. The company says it wants to grow and expand after years of belt tightening that has included declining revenues and a reduced workforce.
More recently, the company sold its unprofitable oil business in 2021 and announced that it no longer bids on fixed-price construction contracts that frequently encounter cost overruns.
Going forward, SNC-Lavalin has said it plans to focus on U.S. acquisitions to fuel its growth.
While SNC-Lavalin’s stock has risen 75% this year, it currently trades at the same level it was at in 2012. Over the last five years, the company’s share price has declined 17% to trade at $43.50.