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Suez has 125 million customers in 40 countries with subsidiaries such as Ondeo and United Water. Their 2002 revenue was €6.4 billion which makes it the largest water corporation in the world. But the company is racked with debt, with a net loss in 2002 of $950 million, and continues to lose profits every quarter. Suez has lost several of its high profile contracts, such as Atlanta (US) and Puerto Rico and been forced to re-negotiate contracts in Buenos Aires (Argentina) and Manila (the Philippines). It is no longer profitable being a shareholder of this multinational corporation. But nothing is as bad as being one of their customers. Suez has been scrambling to do whatever it takes to turn its financial fortunes around. That means that as water divisions Ondeo and United Water grab control of a city’s water system, a top priority is cutting costs, because low costs mean higher revenues. So, Suez slashes water system staffs to inadequate levels, fails to perform necessary maintenance, tries to delay or avoid altogether any costly infrastructure investments, screams for higher rates, more money from government or both, and blames public officials, or just the public, for all the company’s problems. Customers end up paying more for less.
NEW! Read the correspondence between Public Citizen and Suez:
In the News:
Water for All initiated a new collaborative website to help coordinate our global campaign focusing on the water transnational, Suez. The website is tri-lingal and collects information regarding the abuses, problematic projects, community protests, and exploitative policies of Suez, Go to:
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