ICL slashes 700 jobs

Eliminates 'duplication'

ICL will slash 700 jobs in an effort to cut costs by 15 per cent. The company said this would include 200 job losses in the UK as part of its "Project Charlton", according to this week’s Computing magazine. The jobs will be axed from ICL’s operational services division, which employs 11,000 worldwide. A representative told The Register the losses had resulted from job duplications due to ICL linking some of its existing businesses together. The jobs lost will be in administration and support, and some service engineers will also be given the push. Staff will get 90 days’ notice with immediate effect, after which time they will be retrained or made redundant. ICL said it aimed to concentrate on e-business services and customer relationship management. The company needs to hit a six per cent operating margin before its flotation on the stock market next year. It is currently running at three per cent. ICL said the losses were not connected with drumming up finances in preparation for its float next year. ICL has 22,500 staff worldwide, and 12,500 staff in the UK.®

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