Friday, October 16, 2015

Somague goes ahead with 273 lay-offs

Prompted by downturns in the construction market in Angola, Mozambique and Brazil, construction and public works group Somague is to lay off 273 workers as part of its restructuring plan.An official source confirmed to Lusa that the restructuring results from the group operating in a market that has undergone "a huge and continuing fall".To cope initially with the decline in the domestic market, the group invested in international expansion into Portuguese-speaking countries, only to see their economies affected in turn.Workers affected by the lay-offs, coming from right across the company structure, were informed of the decision on Monday morning.In late December 2014, the Somague group employed 2,330 workers, a number that had remained stable over the previous year.At the time, Somague chairman Rui Vieira de Sá said: "Public investment in infrastructure continues at historic lows, although plans for the future that allow some optimism in the medium term are starting to show".The annual company report further comments: "The lack of construction activity in Portugal prompted Somague to its strategic internationalization investment, and today 80 percent of the company's activity is outside Portugal."In 2014, Somague’s primary market was Angola, but the country has been hit by the oil crisis. Brazil meanwhile became more important in the construction company’s portfolio.According to Somague’s annual report, in 2014 the company’s portfolio was at an historical all-time record, valued at 1,110 million euros in total.

0 comentários:

Post a Comment