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15 January 1998: BTR director Paul Buysse has resigned abruptly, causing speculation of a boardroom rift over strategy at the struggling industrial group. The 53-year-old Belgian director, is reportedly taking “early retirement” with immediate effect. Analysts are surprised at the departure, including one who said “There are now big plans to restructure BTR. Anyone who gets in the way will suffer the consequences.” Buysse was paid UK 423,147 in salary and benefits in 1996 for heading BTR“s power drives division. The company is expected to honour his two-year contract.

15 January 1998: BTR Plc“s packaging has announced at least five global groups, which will be bidding for the company“s businesses and assets. Among them are the US-based Owens-Illinois and Saint-Go…

15 January 1998: BTR Plc“s packaging has announced at least five global groups, which will be bidding for the company“s businesses and assets. Among them are the US-based Owens-Illinois and Saint-Gobain of France. The global assets up for sale are said to be worth about A$ 5 billion, including the international operations of ACI Glass Packaging. Owens-Illinois is believed to have been given exclusive bidding rights to buy the glass making operations of ACI. BTR is also offering its building materials and laminex operations, together valued at about A$ 1.5 billion. The company said the assets sales would enable BTR to restructure and concentrate on its pure engineering pursuits. BTR is expected to announce by the end of January, 1998 whether it will accept a trade offer or sell out via a float.

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