AlliedSignal to Cut Jobs, Restructure Businesses: The Morristown, N.J.-based firm said it will cut 3,100 jobs in its auto-parts division--8.4% of the unit's work force. AlliedSignal Inc. also said third-quarter net income rose 15%, with auto parts the only of its three divisions whose profit fell. For the period ended Sept. 30, AlliedSignal said net income rose to $217 million, or 77 cents a share, from $189 million, or 67 cents, a year earlier. Sales rose 13% to $3.5 billion from $3.1 billion. The company said it is talking with companies with strong anti-lock brake businesses that might want to combine with AlliedSignal's standard brake business. If talks fail, it will exit the car anti-lock brake business, although it would continue to make them for trucks. The job cuts are part of a restructuring that also includes selling its Paxon Polymer Co. plastics joint venture to partner Exxon Chemical Co.
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