Rockwell cutting 3,800 jobs; spinning off Semiconductor System

Monday, June 29, 1998 | 9:56 a.m.

"We must slim down to stay competitive in a very competitive world. And as we implement this resizing, the next step will be to change the way we run the company to ensure that our business structure provides us with a competitive advantage," Rockwell chairman Don H. Davis said.

In a letter to shareholders today, Davis said the transaction, subject to Internal Revenue Service ruling as a tax-free distribution, was being taken to improve the consistency of its earnings and reposition itself for future global growth.

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