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Downer EDI Ltd (ASX:DOW) has withdrawn from a potential $2 billion contract because of high tendering costs, according to The Australian.
Downer sent out an email to its employees saying the contract would cost it $10 million as part of total tendering costs of $20 million.
The decision is set to be a blow to the town of Maryborough, where the factory has been the largest employer for many years.
Canadian giant Bombardier has indicated it will proceed individually with its tender.
Downer EDI made a loss of over $103 million to December 31, 2010.
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$6.89 |
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Mkt cap ! $4.630B | |||
| Open | High | Low | Value | Volume |
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