US avionics and semiconductor giant Rockwell International Corp is expected to announce plans to lay off up to 5,000 of its 48,000 workforce within the following week, reports The Wall Street Journal. One area where the company has been experiencing problems over the last nine months is in its semiconductor business. For the first time last quarter, Rockwell warned that it couldn’t predict when its semiconductor business would return to profitability or revenue growth. In its second-quarter results, announced in April, Rockwell saw net profits down 42.3% at $109m and revenues only fractionally up at $1.1bn, with the semiconductor business dragging the group down. The semiconductor unit reported losses of $27m from $71m net profits in the year ago quarter and sales down 15% to $315m. In response to the news, shares dipped $0.50 at $48.4375. But the shares have drifted down steadily since April’s results from a 52-week high of just over $60. Rockwell could not be reached for comment.
