MONTREAL, Sept. 9, 2011 /CNW Telbec/ - Ivanhoé Cambridge is continuing
with the consolidation of its operations following the organizational
changes announced earlier this year. The Company is pursuing its
business plan and reviewing its processes, maintaining its goal of
working in an even more integrated fashion, and enhancing the
organization's ability to execute business and investment projects.
"Since our spring announcement, we have made substantial progress. Each
step we have taken helps make this world-class real estate company even
stronger and better equipped to compete, both here in Québec and
globally," said Daniel Fournier, Chairman and Chief Executive Officer
of Ivanhoé Cambridge. "Any major restructuring entails certain
adjustments that should enable the organization to become more
efficient and competitive. Unfortunately, certain positions end up
being abolished, but new career opportunities also arise."
Accordingly, the Company is eliminating certain positions, creating
others and requalifying a few dozen, as a result of which promotions
are expected. The Company, which had a staff of 1,501, will be down 30
employees. The downsizing will primarily occur in Montréal and Toronto.
Earlier in 2011, the Company announced that it had consolidated its SITQ
and Ivanhoé Cambridge subsidiaries under the name "Ivanhoé Cambridge".
It also revised its administrative structure to focus on its core
business activities, namely, investment expertise and operational
About Ivanhoé Cambridge
Ivanhoé Cambridge is one of the world's 10 largest real estate
companies. Its real estate portfolio covers three sectors: shopping
centres, office and multi-residential buildings. As at December 31,
2010, the Group's assets totaled more than CDN$30 billion and were
present in 24 countries around the world. Headquartered in Montréal,
Québec, Ivanhoé Cambridge is the real estate subsidiary of the Caisse
de dépôt et placement du Québec, one of Canada's leading institutional
SOURCE IVANHOE CAMBRIDGE - ENGLISH
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