US conglomerate Tyco said today it would close 300 plants over three years, cutting $1 billion in costs by 2006, and its chairman vowed to clean the "crap" from the company plagued by a year of turmoil and scandal.
Tyco chairman Mr Edward Breen's restructuring plan and fiery comments to investors in New York city came a day after Tyco cut its profit estimate for this year and fired the head of its fire alarm unit because of accounting problems.
Mr Breen, who said he was "pained" and "disgusted" by the company's latest difficulty, pledged that more "heads will roll" if he unearths additional problems.
Tyco shares, which have lost 71 per cent of their value over the past year, fell 4.5 per cent to $13.40 in early trade today on the New York Stock Exchange.
Tyco, which makes everything from duct tape to nappies, said it would scale back its manufacturing facilities to 1,700 from 2,000 by 2006.
The company has been embroiled in controversy for more than a year, beginning with a break-up plan engineered and then abandoned by its former chief executive, Mr Dennis Kozlowski.
Mr Kozlowski later quit after being charged with evading sales tax on millions of dollars in art purchases, and he and three other top executives were later charged with looting company coffers.