THE sharp fall in the share price of Britain’s Imperial Chemical Industries (ICI) in recent months is a reminder of how a mighty conglomerate can be brought to its knees by wrong diversification undertaken to appease impatient fund managers.
Forty or 50 years ago, ICI was a household name in Britain and the Commonwealth. I had a friend whose father was a clerk with ICI in Kuala Lumpur during the 1960s. In those days, it was considered a plum job.
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