News > Technology
Corning cuts 900 jobs
August 15, 2001: 5:25 p.m. ET

Company targets its cable unit, brings company total to 6,800 for the year
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NEW YORK (CNNfn) - Fiber-optic cable maker Corning Inc. cut a further 900 jobs from its cable systems division, about 7 percent of Corning Cable Systems' total work force.

Corning (GLW: Research, Estimates) said Wednesday it laid off 450 workers form the unit from its North American locations and 450 more accepted "voluntary separations offers." Those employees were offered a choice of early retirement, voluntary severance or voluntary lay off.

"The decline in the telecom business has been unrelenting, and unfortunately, we don't see a near-term recovery," said Sandy Lyons, president and CEO of Corning Cable Systems, in a statement.

Corning said the layoffs were not "completely unexpected by Corning Cable System employees."

The cable systems unit has cut about 1,140, or 8 percent, of its work force since May.

This latest round of job cuts brings the company-wide total to about 6,800 this year.

Shares of Corning rose 18 cents to $15.10 after hours on Instinet. graphic


Corning 2Q beats Street - July 25, 2001



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