News Burst: Rockwell spins off Semiconductor business
Published: 03 Jul 1998 14:32 BST
The division has projected sales of $1.3bn (£0.8bn) for fiscal 1998 and employs about 7,000 people. It will post an operating loss for the third quarter and overall year blaming a `weak' modem market among other reasons.
Rockwell will also take a $625m (£381m) restructuring charge and cut 3,800 jobs to "improve competitiveness". The restructuring is expected to be complete by the end of 1999.
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