LONDON -- Recently appointed ICI plc CEO John McAdam said the company would initiate a "significant program to improve cost effectiveness," including job cuts and other moves, following a sharp decline in first-quarter earnings.
ICI reported first-quarter net profit of L32 million (approximately $51.2 million), a decline of 21% from the first quarter of 2002. Sales for the quarter fell 4.6%, to L1.409 billion ($2.254 billion).