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Corning closes photonics plants

17 Jun 2002

In response to the industry slump, Corning is to reduce its photonics business.

Corning will close three manufacturing plants and cut 1000 jobs in a bid to reduce costs. Anticipating that the company will save around USD 150 million, Corning's chief executive John Loose blames the present economic climate for the latest move.

"With the reduction of infrastructure spending across the telecoms industry and our expectation that this market downturn could last 12 to 18 months, we are taking decisive action to lower costs and improve profitability," said Loose. "We fully appreciate the difficulties that these decisions will have on families and communities, but it is important for our shareholders that we improve the profitability of our photonics business."

Corning plans to close its photonics plants in Pennsylvania, New Hampshire and Massachusetts by the end of the year, as well as scale down operations in New York State. This will bring the number of job cuts to 5 900, 15% of Corning's global workforce.

· Corning has taken action against France-based optical-components manufacturer Highwave Optical Technologies for patent infringement. According to Corning, Highwave has infringed a patent that describes the design and manufacture of an optical fiber.

 
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