Rockwell announces $482m loss

NEWS Rockwell has posted heavy losses for the third quarter following internal restructuring at the end of last month. Losses totalled $482m compared with net income of $167m for the same period last year. The company took a pre-tax special charge of $597m relating to the changes, which included worldwide job losses, facility closures, consolidations, exiting non-strategic businesses and product lines as well as write-offs of good will. Don Davis, CEO of Rockwell, claimed the losses had been as expected but said he was confident "the operating efficiencies resulting from these actions" will bring the company back into profitability in the next quarter.