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17 Jun 2002
As the economy continues to decline, Corning, Nortel and Alcatel shed more jobs.
US-based fiber-optics giant, Corning, is cutting 4000 jobs, bringing its total headcount loss to 12 000 by the end of the year. The losses coincide with the company "idling" most of its worldwide fiber-optic manufacturing until business picks up in 2002.
Expecting this year's fiber shipments to be down by 10%, Corning's chief executive John Loose said: "The telecoms industry is experiencing an extremely challenging period. We have experienced another drop in demand for optical fiber and cable as telecoms carriers curtail capital spending."
Corning may also close its fiber-optic manufacturing in Deeside, UK, which could see another 436 job cuts.
Canadian telecoms equipment supplier, Nortel Networks , is shedding a further 20 000 jobs in addition to the 30 000 announced earlier this year. The company expects third-quarter losses of USD 3.6 billion.
Nortel's chief executive John Roth says that its new strategy means Nortel is making excellent progress towards a positive cash flow. "In light of expected industry spending we are adjusting our work plan," he added. "We aim to break-even at a quarterly revenue level well below the USD 5 billion [target] outlined previously."
And across the Atlantic, France's Alcatel has announced plans to cut its global workforce by 33%. The telecoms equipment vendor will slash 3038 jobs worldwide by the summer of 2002, with 2151 positions coming from its undersea network activities and 887 from fiber-optics.
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