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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

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.