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Corning to Narrow Photonics Scope
Jan 2003
CORNING, N.Y., Jan. 13 -- Corning Inc. said it will continue to reduce the fixed-cost structure in its optical fiber and cable businesses, narrow its product scope in photonics, reduce corporate staff spending and possibly cut more jobs this year in an attempt to return to profitability.

The company is considering a number of options for its photonics business, including the potential of partnerships, joint ventures or other possibilities, James B. Flaws, vice chairman and CFO, told investors at the fifth annual Needham Growth Conference in New York City last week.

Flaws said Corning will "continue to invest in the future, primarily through ongoing research and development initiatives."

The recovery will be driven not by telecom, but by demand for liquid crystal displays, environmental technologies and semiconductor materials, Corning said.

The company responded to the slowdown in demand last year by closing plants and cutting more than 20 percent of its work force. Employment will be reduced to 23,500 when the last round of cuts is completed this year, according to a Reuters article.

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