Scheme to keep staff led to good year-end results

A
successful retention policy during a takeover bid led to an “excellent set” of
year-end results, gases group BOC has said.

BOC
offered key operational personnel bonus payments to encourage staff to stay
with the company during the takeover bid, launched by Air Liquide and Air
Products in July 1999. The bid failed in May 2000.

BOC
declined to give details of the bonus payments, but said fewer than 10 of the
top 200 people have left the company as a result of the scheme.

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A BOC
spokesman said, “We had a successful retention policy in place. We kept the
vast majority of key operational personnel in place all over the world and
produced an excellent set of results during a takeover situation, which is a
very destabilising time.”

Profit
before tax was up 11 per cent on last year, according to BOC figures.