Performance
Outlook
In response to the global economic downturn, T&I has re-aligned its 2009 priorities to support the Group's new key initiatives and commitments. T&I will reduce controllable operating costs and make headcount reductions. T&I plans to reduce its gross operating costs by US$40 million, or 25 per cent from 2008 levels.
The number of employees is expected to be reduced by about 100, or 30 per cent. These reductions are necessary as a result of lower business unit demand for T&I services as the business units continue to reduce their operating and capital expenditures. Despite these reductions, T&I is dedicated to maintaining the critical capabilities necessary to support and retain the Group's future growth options.
For 2009, T&I's operating priority will be to assist businesses to reduce unit operating costs by intensifying the focus on improving operational excellence and increasing the contribution of technology to the Group's vision of industry leadership. T&I will continue to work with Group businesses to deliver measurable increases in earnings and will continue to assist from a technological viewpoint in the selection of the most attractive investment opportunities.
