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Corning to Cut 2200 Jobs and Close 2 Plants
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.

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