Rockwell to Take $74-Million Restructuring Write-Off

Rockwell International Corp. said Wednesday it will soon complete the layoffs of 1,400 workers in its recently restructured overseas automotive parts businesses and will take a $74-million write-off for its 1996 fourth quarter related to those activities.

The company said the cost will be offset by a onetime tax and insurance gain of $76 million for the fourth quarter that will give it a net gain of $2 million, or 1 cent per share, from those events.

Rockwell also said it is planning to divest itself of some of its truck communications and truck-related intelligent transportation businesses, headquartered in Cedar Rapids, Iowa.

Company officials declined to specify which of its truck electronics units it will sell or close down but did say that the actions will affect very few employees.

None of Rockwell’s truck or automotive businesses are in Southern California.

Separately, Rockwell filed a proxy statement Wednesday relating to the proposed sale of its aerospace and defense operations to Boeing Co. for $3.2 billion.

Rockwell said it will hold a special shareholder meeting Dec. 4 in New York to vote on the proposal. The sale would create a new Boeing division, Boeing North American, to be headquartered in Seal Beach.

Rockwell would establish new headquarters in Southern California--the company has not said where--and would concentrate on its semiconductor, automation and automotive businesses. The company would emerge from the sale and resulting reorganization virtually debt free, it said in the proxy. Rockwell shareholders also would own about 35% of Boeing’s stock after the transaction.