The AMF's decision will have an immediate impact on Dessau
20 Jun, 2013, 22:38 ET
MONTREAL, June 20, 2013 /CNW Telbec/ - Following the Quebec Financial Market Regulator (AMF) decision to add Dessau to the Registry of non-eligible firms for public contracts (RENA), we intend to present a new request for an integrity certificate as soon as possible.
As stipulated in the AMF's letter, we have 90 days to do so. However, this is quite a long period and significant repercussions will be inevitable within our firm.
Dessau's management team will strive to do everything in their power to minimize the impact this decision will have on our 5,000 employees and their families, of which 3,700 work in Quebec. Unfortunately, some short-term layoffs will be necessary.
Among our employees, there are some 430 current shareholders whose interests we also firmly intend to protect by all means necessary.
Although the AMF acknowledges that Dessau has implemented several actions up until now to reestablish its integrity, these are considered recent. We nonetheless intend to pursue our efforts to meet the AMF's integrity criteria.
Founded in 1957, Dessau is the sixth largest engineering-construction firm in Canada and ranks among the top 60 firms worldwide. With expertise in a wide range of fields related to engineering and construction, Dessau plans, designs, builds and manages infrastructure for its private and public sector clients. Dessau employs 5,000 people, is active coast to coast in Canada and has offices in Algeria, Chile, Colombia and Peru.
SOURCE: Dessau Inc.
For further information:
Advisor, External Communications
Tel.: 514-281-1033 ext. 2032
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