Steel firm has struggled this year, as lagging investor confidence has sent shares down about 27 per cent year-to-date
SAINT-GEORGES, Que.—Quebec-based steel fabricator and construction company Canam Group Inc. is laying off 30 employees at its office in Boucherville, Que. as it reorganizes its structural steel business.
After a tough first eight months of 2016—during which Canam has seen its share price erode approximately 27 per cent—the company’s president and CEO, Marc Dutil, said management needed “to make this decision in order to support the growth of the corporation.”
Along with the layoffs, announced late last week, the company shook up the leadership of its Heavy division. Kurt Langsenkamp, president of company subsidiary FabSouth LLC., will now oversee the business unit, while Peter Frantz and Serge Dussault will serve as vice-presidents within the division.
“This adjustment clarifies the accountability for the results of our structural steel division, all while encouraging the agility and ingenuity that have been behind our success for the last 55 years,” Dutil said.