MILWAUKEE (AP) -- Rockwell Automation Inc. says it will cut 600 jobs worldwide, or 3 percent of its global work force, a move the Milwaukee company expects will save $75 million in fiscal 2009.
The provider of industrial automation equipment said Tuesday the cuts will begin "immediately" and impact sales and administrative jobs.
Rockwell chief executive Keith D. Nosbusch says in a statement that fourth-quarter revenue is in line with expectations, but the restructuring was prompted in part by anticipated market conditions.
As a result of the restructuring, the company says it will incur a pretax charge of about $50 million in the fourth quarter of fiscal 2008.
Shares of Rockwell rose $2.35, or 6.7 percent, to close at $37.34. The statement was released after the market closed.
