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.
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.