Search Menu
Photonics Media Photonics Marketplace Photonics Spectra BioPhotonics EuroPhotonics Vision Spectra Photonics Showcase Photonics ProdSpec Photonics Handbook

Corning to Close Plant and Cut 1000 Jobs

Facebook Twitter LinkedIn Email Comments
CORNING, N.Y., April 16 -- Corning Inc. announced yesterday it will close a plant in State College, Pa., eliminating about 1000 jobs. The plant, which makes cathode ray tube glass used in conventional televisions, is operated jointly by Corning Asahi Video Products and the US subsidiary of Japan's Asahi Glass Co.

Corning said CAV continued to experience a further weakening of NAFTA CRT glass sales in the first quarter, due in part to increased competitive pressure from imports. Corning's board has approved the action, and Asahi's board approval is pending.

James R. Houghton, Corning's chairman and CEO, said the decision to close the plant was difficult but necessary. "This business has been facing a declining customer base and significantly increased imports for several years, and it is now losing money," he said. "In our relentless drive to restore profitability to Corning, we cannot carry money-losing mature businesses."

Houghton added, "It brings us to the end of an era in the US color television business for Corning. This is unfortunate, but necessary. Color television was one of the many life-changing inventions Corning helped bring to society. It was a business that sustained our company for many, many years."

Corning said about half of the charges resulting from the shutdown will be cash and will be shared between the partners.

As a result of the closing, Corning said it will record pretax charges in the range of $140 million to $170 million in the first half of 2003, of which $62 million ($20 million after-tax and minority interest) will be recorded in its first quarter results.

For more information, visit:
Apr 2003
Asahicathode ray tube glassCorningCorning Asahi Video ProductsmaterialsNews & FeaturesState College

view all
Search more than 4000 manufacturers and suppliers of photonics products and services worldwide:

back to top
Facebook Twitter Instagram LinkedIn YouTube RSS
©2021 Photonics Media, 100 West St., Pittsfield, MA, 01201 USA, [email protected]

Photonics Media, Laurin Publishing
x We deliver – right to your inbox. Subscribe FREE to our newsletters.
We use cookies to improve user experience and analyze our website traffic as stated in our Privacy Policy. By using this website, you agree to the use of cookies unless you have disabled them.