Corning Cancels Plans for Okla. and N.C. Plants

CORNING, N.Y., July 26 -- Corning Inc. announced it has cancelled plans to build an optical fiber manufacturing facility in Oklahoma City, Okla. and for a second major expansion of its Concord, N.C., optical fiber manufacturing facility, due to current market conditions in the telecommunications sector.

Corning announced plans to build a fiber manufacturing facility in Oklahoma City in December 2000. In June 2001, Corning announced that it would delay the construction project -- which was less than 10 percent complete -- for at least 12 to 18 months in response to changing market conditions.

The company had originally announced the Concord expansion plan in December 2000. The first expansion, which was previously announced in February 2000 and delayed in June 2001, will move forward once market conditions make it possible, Corning said.