Allied-Signal Aerospace Co's Garrett Engine Div is restructuring it's operations to reduce costs. The aircraft engine manufacturer recently furloughed more than 10% of its 4,300 employees. Garrett's parent, Allied Signal, hopes to reduce capital expenditures by $225 million in 1992 and increase working capital by 1994 to $500 million. Garrett will also be merging its operations with the General Services Division as part of the restructuring move.