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AlliedSignal to restructure
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October 1, 1997: 2:09 p.m. ET
Blue chip manufacturer will cut three units and eliminate about 800 workers
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NEW YORK (CNNfn) - AlliedSignal Inc. will eliminate some of its operations in a restructuring that will cut about 800 jobs and cause it to take an unspecified charge.
The blue chip (ALD) diversified manufacturer will reorganize into 11 business units and drop what it calls its "sector superstructure," it said Wednesday.
The three units to be cut include aerospace, automotive and engineered materials. Those operations will close in about 30 days and their functions either will "move to the corporate or business unit level or be eliminated."
Those changes will result in the elimination of about 800 jobs. AlliedSignal will take an unspecified fourth-quarter charge due to the restructuring.
The pattern of transition began earlier this month when AlliedSignal said it was selling its automotive safety restraints division to BREED Technologies Inc. for an undisclosed sum.
The company, based in Morris Township, N.J., also said Daniel Burnham and Frederic Poses were elected to the board of directors. The two, along with CEO Lawrence Bossidy, will oversee the remaining 11 business units.
In a related executive move, John Barter, president of the automotive sector, said he will leave the company to develop small businesses.
AlliedSignal has interests in aerospace, automotive products, chemicals, fibers and plastics, and had sales of $14 billion last year.
-- Randy Schultz
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AlliedSignal
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