Armco Inc. said Wednesday it has completed...

Armco Inc. said Wednesday it has completed the previously announced sale of its Newport Beach-based Aerospace and Strategic Materials Group to Owens-Corning Fiberglas Corp. for $415 million in cash.

An Armco executive said the sale would have no immediate effect on the company’s 6,400 employees nationwide, including the 1,200 working in Southern California. “It’s going to be the same people, the same product, the same management and the same mission,” said Barry Wrenn, Armco’s general counsel. “We’re going to continue to operate as a separate group.”

Armco, which is selling off holdings as it tries to recover from three years of losses totaling $1.3 billion, is giving up its most profitable division with the sale of the aerospace unit. The division, which includes 12 plants throughout the nation, contributed $12 million of Armco’s total corporate profit of $18.5 million in the company’s last quarter, its first profitable quarter in recent years.

Armco officials said the sale of the aerospace division will result in a one-time gain of about $130 million. It will be recorded in the corporation’s earnings for the third quarter, ending Sept. 30.