[Updated–evidently these losses were known pre-Bhattacharya. Now that does not surprise me.]
Invensys plc released some financial data late last week. According to reports from London as cited on Jim Pinto’s Weblog, “Invensys said it had reviewed three contracts to install and commission control and safety systems on nuclear reactors in China, in its operations management division, and had discovered delays and extra engineering work that would cost it £40m. The problems relate to one contract, for four reactors, which was worth around $250m (£163m) and would now be loss-making.” This is a huge loss on a major project. Mike Caliel is experienced managing Invensys Process projects. Could be why he’s back?