Close

Search

Search Menu
Photonics Media Photonics Buyers' Guide Photonics EDU Photonics Spectra BioPhotonics EuroPhotonics Industrial Photonics Photonics Showcase Photonics ProdSpec Photonics Handbook
More News
SPECIAL ANNOUNCEMENT
2016 Photonics Buyers' Guide Clearance! – Use Coupon Code FC16 to save 60%!
share
Email Facebook Twitter Google+ LinkedIn Comments

Corning to Cut 2200 Jobs and Close 2 Plants

Photonics.com
Oct 2002
CORNING, New York, Oct. 30 -- Corning Inc. announced it is closing optical fiber plants in Australia and Germany and cutting an extra 2,200 jobs, or 8.5 percent of its global payroll, in an attempt to rebound from the telecommunications industry slowdown.

The overhaul was announced Wednesday as Corning posted a third-quarter loss of $260 million, or 25 cents a share, compared with a loss of $220 million, or 24 cents a share, in last year's third quarter. It was the sixth quarterly loss in a row for Corning, which also warned of continuing weakness in the fourth quarter in the optical fiber and cable business, the Associated Press reported.

The latest cuts, to be carried out in the fourth quarter, will reduce Corning's work force worldwide to about 23,500.

For more information, visit: www.corning.com



Comments
Terms & Conditions Privacy Policy About Us Contact Us
back to top

Facebook Twitter Instagram LinkedIn YouTube RSS
©2016 Photonics Media
x We deliver – right to your inbox. Subscribe FREE to our newsletters.