Corning loses $370M, closes plants

Manufacturing News, Source : TheManufacturer.com
Published : 24 Jul 2002 21:39

Corning, the world’s largest optical fiber and cable manufacturer, cut loses at $370 million in earnings for the second quarter.

Sales have plummeted to $896 million from last year’s $1.87 billion. With decreased demand, Corning had laid off 12,000 jobs last year. It plans to cut another 4,400 this year, more than originally anticipated.

It will also close several manufacturing and research plants, including cabling plants in Berlin; Whiston, England; and Rio Grande, Puerto Rico. In addition, a photonics research center in Somerset, NJ and a development center in Albuquerque, NM will be shut down.

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