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November 8, 1995

ICL ESPANA TO CUT 80 JOBS AS RED INK PERSISTS

By CBR Staff Writer

Despite assurances from the previous managing director of Madrid-based ICL Espana SA, Javier Orduna, that 1994 would be the last year in which the Spanish subsidiary would report a loss (CI No 2,597), chief executive Peter Bonfield had to concede during his recent visit to Spain that ICL Espana was not going to emerge from the red in fiscal 1995, and he warned that 80 employees would get their marching orders. Bonfield was in Spain to provide staff with further information about the company’s restructuring plans. The chief executive declared that the rationale behind the changes was that ICL should become a systems company, but one focussed on services, since this segment offers considerable potential for growth in the future. The role of ICL Espana managing director, Julio Navarro, who also becomes director of the ICL Sorbus unit, will effectively be that of a co-ordinator, since each of the four new independent units – Sorbus, Technology, Financial Services and Retail – will report to their respective corporate directors. Bonfield warned that ICL Espana would show a loss on turnover of around $70m in fiscal 1995, similar to the subsidiary’s 1994 results, while he also announced that the restructuring would lead to the departure of 80 staff in Spain, leaving a total of 300 workers. With respect to ICL’s relationship with Fujitsu, the chief executive would not be drawn to comment on speculation that ICL Espana would soon be swallowed by the Japanese company’s local subsidiary. He declared that our objective is to continue to maintain good relations. We will go on being different companies, while working together at the same time. Bonfield concluded that Spain represented one of the more complicated markets for ICL to get its teeth into, and he referred to particular difficulties selling in the public administration sector.

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