Raychem Corp

LSI Logic Corp. said Wednesday that it will cut 1,200 jobs and close plants to combat the effects of a worldwide economic slowdown, as the chip maker's third-quarter profit fell 60%. The company earned $19 million, or 14 cents a share, before charges in the quarter resulted in a loss, down from $47 million, or 33 cents, a year earlier. The No. 1 maker of chips used in networking equipment had been expected to earn 13 cents a share, the average estimate of analysts polled by First Call Corp.