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Corning Expands Restructuring Program

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CORNING, NY, Oct. 4 -- Corning Incorporated has unveiled an expanded companywide restructuring program that will result in charges of up to $1 billion in 2001. In addition, the company said that permanent workforce reductions, including those previously announced, may reach 12,000 employees by the end of the year. The company will also temporarily idle the majority of its worldwide optical fiber manufacturing facilities. "The deterioration of global economic conditions, especially over the past few weeks, has impacted all of Corning's businesses. In particular, we have experienced another...Read full article

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    Published: October 2001
    CommunicationsindustrialNews & Features

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