outsourcing sector: Carillion ceased to exist last year after falling into insolvency, while Interserve's lenders seized control of the company this year after it was unable to pay its debts, according to The Guardian. Graphic Fears over the health of the wider outsourcing sector has fuelled concern about Kier, which works on multibillion-pound infrastructure projects such as the HS2 high-speed rail line and London's delayed Crossrail plan. Shares in the troubled construction and services company tumbled to a new low of 109p on Monday afternoon, down 17%, after crashing 35% on Friday, as its mounting problems prompted comparisons with stricken competitors. Rumours that Kier was experiencing financial difficulties were crystallised when it shocked the market with a profits warning a fortnight ago. The plan also involves selling its homebuilding business, Kier Living, and its property development unit, and shutting or selling its recycling and rubbish-processing operations. The new chief executive, Andrew Davies, has brought forward his turnaround plan for the business, which employs 19,000 people in the UK. In addition to the job cuts, he is suspending dividend payments to shareholders for this year and 2020.
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