US semiconductor, automation and avionics giant Rockwell International Corp, has reported a $482m loss in its third quarter after taking a massive $597m one time charge relating to restructuring in its core automation and avionics businesses and the spin off of its semiconductor arm in September, which it announced last month. In the shake up, 3,800 of its 7,000 semiconductor staff are to be fired, and further ‘cost savings’ are expected in its automation and avionics & communications divisions, which account for the bulk of the charges. Over all the company reported third quarter net losses of $482m from profits last time of $167m on revenue fractionally up by 3.2% at $1.7bn.
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