October 22, 1998 |
Rockwell International Corp., preparing to spin off its semiconductor systems business as an independent company, on Wednesday named the first five people for the new firm's board of directors. Dwight W. Decker, current president of Rockwell Semiconductor Systems, will become chairman of the board and chief executive of the as-yet-unnamed company, which will be based in Newport Beach. Other board members will be Donald R.
October 17, 1998 |
Rockwell International Corp. said Bala Iyer will become chief financial officer of its soon-to-spin-off semiconductor unit. Officials have not chosen a new name for the division. Iyer, 42 who joins Rockwell Semiconductor Systems' staff Monday as vice president of finance, is currently CFO of VLSI Technology Inc., a San Jose-based company that makes integrated circuits for consumer electronic products.
CALIFORNIA | LOCAL
October 17, 1998
The federal government has given Downey the deed to the historic 68-acre site where aircraft, missile and spacecraft technology was developed for more than 60 years. About 3,000 people worked at Rockwell International's aerospace operations in Downey until Boeing took over the company in 1997. Boeing is closing the 160-acre facility as part of a reorganization plan.
October 3, 1998 |
Rockwell International Corp. Chief Executive Don H. Davis said Friday he expects the company's struggling semiconductor division--which will be spun off into a separate firm in the coming weeks--to return to profitability by the end of next year. The semiconductor market doesn't fit with Rockwell's plans because "it's much more of a volatile industry than we're in," said Davis, 58, speaking in detail for the first time since the company announced its massive restructuring plan in June.
September 30, 1998 |
After enjoying five years of double-digit growth, Rockwell Semiconductor Systems Inc.'s sales have dropped 10% in the last nine months and the once-burgeoning company has fallen into the red, according to documents filed with the Securities and Exchange Commission. The struggling unit of Rockwell International Corp., which is expected to be spun off by Dec. 31, has plummeted to a net loss of $28 million for the nine months, compared with a profit of $110 million for the same period in 1997.
September 30, 1998 |
After five years of double-digit growth, Rockwell Semiconductor Systems Inc.'s sales have dropped 10% in the last nine months and the once burgeoning company has fallen into the red, according to documents filed with the Securities and Exchange Commission. The struggling unit of Rockwell International Corp., which is expected to be spun off by Dec. 31, had a net loss of $38 million in the first nine months of the year, contrasted with a profit of $110 million in the year-earlier period.
September 15, 1998 |
Rockwell International Corp. said Monday that it will cut nearly 900 jobs, close its Colorado Springs, Colo., manufacturing facility, and take a fourth-quarter charge of $265 million as it prepares to shed its money-losing semiconductor division. Analysts say the cuts, though painful, are necessary if Costa Mesa-based Rockwell is to be able to spin off its troubled unit.
August 19, 1998 |
Westinghouse Air Brake Co. said Tuesday it has agreed to buy Rockwell International Corp.'s railroad electronics division for $80 million, improving its train brake and communications product lines. Westinghouse Air Brake, one of North America's largest makers of locomotive equipment, bought the unit from Rockwell Collins Inc. in Cedar Rapids, Iowa. Rockwell Collins is a subsidiary of Costa Mesa-based Rockwell.
August 10, 1998 |
It has been nearly six weeks since Rockwell International Corp. first announced its plans to spin off its struggling semiconductor unit. And one question has local industry watchers buzzing: Will Rockwell's corporate offices stay in California? After all, it was less than a year ago when staffers left their aerospace past in Seal Beach and stepped into the company's gleaming new offices in Costa Mesa--five floors of smoked glass and stainless steel at the Plaza Tower.
July 28, 1998 |
The Times today continues a new feature, Stock Exchange, in which staff writers James Peltz and Michael Hiltzik debate the merits of individual stocks and other investments. Apple Computer (AAPL) Apple close Monday: $34.44 Mike: You know what's interesting about Apple? This is a golden opportunity to buy stock in a religion. Jim: One of the few opportunities, I believe. Mike: And not just any religion. This one comes with its own pope and its own Grail.