Quebec's Genivar formally adopts WSP Global as its new name amid reorganization
MONTREAL - The engineering firm known as Genivar Inc. starts the year with a new name and stock symbol, WSP Global Inc. (TSX:WSP), as part of a previously announced reorganization.
Genivar bought U.K.-based WSP Group PLC in mid-2012 for what was then the equivalent of C$442 million in cash â€” a move that broadened the company's base outside Canada and tripled its total revenue.
A few months later, Genivar became one of the companies embroiled in Quebec's Charbonneau judicial inquiry into corrupt practices in the construction industry but it continued to integrate the two businesses.
The Quebec-based company had announced Tuesday that its shareholders have received one share of WSP Global for each Genivar share, but the company remains listed on the Toronto Stock Exchange
"As we now operate across the world, the decision to rebrand our Canadian operations to WSP came as an obvious one. It will enable us to leverage this highly recognized brand worldwide," said Pierre Shoiry, WSP's president and chief executive.
The company also announced an addition to its board of directors, Josee Perreault, a senior vice-president at Oakley Inc. sports brands.
Perreault was credited with introducing the Oakley retail brand into Canada.
On the Toronto Stock Exchange, WSP Global closed down $1.03, or 3.27 per cent, at $30.51 on Thursday.
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