P&O NEDLLOYD PLANS COST REDUCTION PROGRAM

P&O NEDLLOYD PLANS COST REDUCTION PROGRAM

   P&O Nedlloyd Container Line said plans to implement a corporate
reorganization program over the next year to reduce costs.
   Tim Harris, chief executive officer, said that the program aims to
reduce costs by $100 million a year.
   P&O Nedlloyd would not quantify the number of job cuts involved.
   The Anglo-Dutch has achieved substantial cost reductions since the
beginning of 1997, when P&O Containers and Nedlloyd Lines merged, but the reductions
had reached a plateau, the company said.