VIENNA, April 2 (Reuters) - Austrian engineering group Andritz has finally completed a pulp plant in Uruguay that was beset by repeated cost overruns, it said on Wednesday.
The contract for the plant was the biggest in the company’s history but the project was hit by strikes and higher-than-expected supplier costs, causing Andritz to issue two profit warnings last year.
“All that is left is to go over the usual list of defects with the client,” an Andritz spokesman said.
The cost overruns have already amounted to about 120 million euros ($166 million), and Andritz has said it cannot rule out further profit hits from the project, which had a total value in the region of 750-800 million euros.
Andritz shares were up 1.1 percent at 1225 GMT.
$1 = 0.7249 Euros Reporting by Alexandra Schwarz-Goerlich; Writing by Georgina Prodhan, editing by David Evans