Skanska to reduce LatAm operations following write-downs

Thursday, July 10, 2014

Swedish construction firm Skanska took a 500mn-krona (US$73.7mn) hit in Q2 from write-downs and restructuring costs in Latin America.

The write-downs involved two power plant projects in Brazil and a petrochemical plant project in Argentina, and totaled around 380mn kronor, according to a company statement. The three projects will be finished by year-end.

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Skanska said it will significantly reduce its activity in the region, narrowing its focus to operations and maintenance.