AEROSPACE
From Times Staff and Wire Reports
Reliance Electric Is Neutral on Rockwell Bid: The Cleveland-based maker of industrial motors, in taking no position on Rockwell International Corp.’s unsolicited tender offer, cited “many uncertainties and conditions” related to the $1.5-billion cash bid. Reliance also said it still supports its planned merger with General Signal Corp., even though that proposed stock swap is valued at $1.3 billion. Separately, Seal Beach-based Rockwell said the president of its Troy, Mich.-based auto parts group, Ronald L. Roudebush, resigned and that the group is being restructured.
