From the press release here's Rockwell's full statement:
Rockwell Automation Undertakes Restructuring Actions to Better Align Resources with Growth Opportunities; Expects Fiscal 2009 Savings of Approximately $75 Million
MILWAUKEE (September 30, 2008) — Rockwell Automation, Inc. (NYSE: ROK) today announced restructuring actions designed to better align resources with growth opportunities and reduce costs in light of current and anticipated market conditions. The restructuring is the result of a comprehensive analysis of the company’s cost structure and is expected to generate cost savings of approximately $75 million in fiscal 2009, growing to $85 million in fiscal 2010. In connection with these actions the company will incur a pre-tax charge in the fourth quarter of fiscal 2008 of approximately $50 million, which was not included in previous fiscal 2008 earnings guidance.
Keith D. Nosbusch, chairman and chief executive officer, said, "These actions are consistent with the cost management approach we outlined in July. Although fourth quarter revenue is in line with expectations, we believe it is prudent to take steps to address our cost structure while continuing to invest to maintain our competitive differentiation and further strengthen our global presence."
The restructuring includes streamlining administrative and operations functions, realigning selling resources to the highest growth opportunities and consolidating business units. The restructuring headcount reductions, primarily in selling, general and administrative functions, equate to approximately three percent of the Company’s global workforce. Implementation will begin immediately.
The Company intends to release its fiscal 2008 fourth quarter results and hold a conference call to discuss those results on Tuesday, November 11.
