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BHP BILLITON PLC
NEWS RELEASE
Date 29 May 2002
Number 33/02
BHP BILLITON PURSUES CORPORATE EXCELLENCE
BHP Billiton today announced internally a number of initiatives
consistent with the Strategic Framework presented to investors on 8 April
2002. That framework established various performance measures for the
group, including the target of raising return on capital to above 15% by
FY2006, inter-alia, by reducing operating costs by US$ 500 million over
the 3-year period to 2005.
BHP Billiton Deputy CEO Brian Gilbertson said: "With the integration of
BHP and Billiton complete, the focus has moved to the delivery of
superior returns for our shareholders. To that end, I have today
announced a number of initiatives that will simplify our corporate
structure and processes, improve focus on our core activities and on a
small number of other key initiatives, and entrench operational
excellence through the BHP Billiton Way."
Among various other decisions is the cutting back on venture capital
activities and the termination of the internal aviation service.
These changes will be effective from 1 July 2002, and will result in
approximately 100 redundancies. An associated accounting charge will be
recorded in the fourth quarter of FY2002.
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Further information can be found on our Internet site:
http://www.bhpbilliton.com
Australia United Kingdom
Andrew Nairn, Investor Relations Mark Lidiard, Investor & Media
Tel: + 61 3 9609 3952 Relations
Mobile: +61 408 313 259 Tel: +44 20 7747 3956
email: email:
Andrew.W.Nairn@bhpbilliton.com Mark.Lidiard@bhpbilliton.com
Mandy Frostick, Media Relations
Tel: +61 3 9609 4157
Mobile: +61 419 546 245
email:
Mandy.J.Frostick@bhpbilliton.com
United States South Africa
Francis McAllister, Investor Michael Campbell, Investor & Media
Relations Relations
Tel: +1 713 961 8625 Tel: +27 11 376 3360
Mobile: +1 713 480 3699 Mobile: +27 82 458 2587
email: email:
Francis.R.McAllister@bhpbilliton.com Michael.J.Campbell@bhpbilliton.com
Date: 29/05/2002 12:13:00 PM Produced by the SENS Department
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