BOC plans layoffs

UK industrial gases group BOC is to reduce global employment by 1,500, representing about 3.5% of its work force, due to the downturn in the semiconductor industry. About 40% will be in industrial and…

UK industrial gases group BOC is to reduce global employment by 1,500, representing about 3.5% of its work force, due to the downturn in the semiconductor industry. About 40% will be in industrial and special products and the remainder divided between BOC Edwards and Process Gas Solutions. The programme will cost about GBP 70 million, which will be an exceptional item in the accounts. Savings are expected of GBP 55 million per year when completed in 2002, with benefits in 2003. BOC Group profits rose by 6% to GBP 149 million for the second quarter of 2001 and sales rose by 3% to GBP 1.02 billion, compared with the same period for 2000.