EXHIBIT 99.1
NTL COMPLETES CONSOLIDATION REVIEW FOLLOWING
CWC CONSUMERCO ACQUISITION
o Eleven acquisitions completed in last 18 months
o Comprehensive cost analysis completed post integration
o Significant annual cost savings will be realised starting in the
second half of 2001
o 1300 roles will become redundant over the next 15 months
NEW YORK - November 2, 2000 - NTL Incorporated (NYSE: NLI; Easdaq: NTLI),
one of Europe's largest broadband telephone, TV and Internet communications
companies, announced today that following the acquisition of CWC ConsumerCo
and the integration of several other acquisitions over the last 18 months,
it has carried out a comprehensive business review and has identified
significant cost savings which will enhance the Group's ongoing
performance.
The aim of the review was to identify ways of improving efficiency by
eliminating duplication of technologies and processes, consolidating
support functions and delayering management levels.
As a result, NTL has identified significant cost savings, which will become
material during the latter half of 2001. As part of realising the cost
savings, approximately 1300 roles will become redundant over the next 15
months.
Barclay Knapp, President and Chief Executive Officer of NTL said: "Over the
past 18 months, we have completed 11 acquisitions, culminating in the CWC
ConsumerCo deal which doubled the size of our consumer business. The time
was therefore right for us to carry out a review of the way we run our
business with an eye toward realising all of the cost benefits of that
consolidation."
Leigh Wood, Chief Operating Officer of NTL said: "Over the past few months
we have examined rigorously every part of our business and I am pleased
that the benefits we have identified will impact both our financial and our
operating performance. Naturally, I am saddened that this means some roles
will become redundant but, in today's business environment, reinventing the
way we work has become a way of life."
Wood continued, "We will continue to focus on delivering excellent customer
service, rolling out digital interactive services and ensuring our
customers benefit from the broadband revolution."
- End -
FOR FURTHER INFORMATION:
In the US:
John Gregg Senior Vice President - Chief Financial Officer
Rich Lubasch Executive Vice President - General Counsel
Bret Richter Vice President - Corporate Finance and Development
Amy Minnick Investor Relations
Tel: (212) 906-8440, or via e-mail at [email protected]
In the UK
Alison Kirkwood Tel: 01256 752 662
Malcolm Padley Tel: 01256 753 408
Buchanan Tel: 020 7466 5000
MORE ON NTL:
o NTL uses state-of-the-art technology to deliver telephone, TV,
Internet and interactive services to UK homes and businesses
o 22 million homes watch ITV, C4 and C5 thanks to NTL's broadcast
transmission network and 12 million UK homes are within its
fibre-optic broadband network
o NTL helped pioneer digital TV and is involved in digital
terrestrial, cable and satellite. It launched the UK's first
interactive service in March 1999
o NTL's national telecoms network carries such names as Virgin,
Orange and AT&T
o NTL is increasingly a significant broadband player in Europe with
businesses in Ireland, France, Germany, Switzerland and Sweden, as
well as south-east Asia and Australia
