Davie lays off 1590 employees
Davie Yards on the St. Lawrence River off Quebec City announced on Feb. 25 it has filed for bankruptcy protection and will lay off some 1,590 employees, most of them temporarily, beginning March 1. About 60 employees will continue working on a project underway while new financing is sought.
The company blamed its financial problems on accumulated losses due to currency fluctuations and project cost increases.
Canada's largest shipyard reported a loss of nearly US$16 million on revenues of US$80.6 million in the nine months ended last Sept. 30.
In another development, Chief Financial Officer Alain Tanguay resigned, effective Feb. 26, to pursue other opportunities. Marc Veilleux, VP of Finance, is acting as interim CFO.