By Suzanna Kerridge, 1 July 1998 13:35
NEWS Communications company, Rockwell, has confirmed it is to cut 9 per cent of its workforce as part of restructuring which will see its semiconductor division divorced from the main arm of its business. The semiconductor operations will be badged as a 'discontinued business' until the predicted spin-off is formed at the end of the year. Don Davis, chairman and CEO, said the separation of the chip division would remove a "fast growing but volatile business now fighting in a fast-changing technology". Rockwell said it would take a $625m (£391m) charge related to the job cuts, and forecast lower than expected third quarter results. The restructuring is expected to be completed by the end of next year and will generate about $100m (£62.5m) of pre-tax savings.
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