Lays off 825 Photonic Technologies employees at its Benton Park, Pa., and Erwin Park, N.Y., manufacturing facilities

March 1, 2001

1 Min Read

CORNING, N.Y. -- Corning Incorporated, (NYSE:GLW - news), a leading manufacturer and supplier of photonic devices, today announced the layoff of a total of 825 Photonic Technologies employees at both its Benton Park, Pennsylvania and Erwin Park, New York manufacturing facilities. This reduction in Corning's production workforce is due to softness in the telecommunications industry, which has resulted in decreased customer demand for Corning's photonic products.

The action taken by the company today is consistent with previously announced plans to respond to weaker market conditions. On February 16, 2001, Corning adjusted its previous guidance for its Photonic Technologies businesses from 75% to 90% year over year revenue growth, to approximately 50%. At that time Corning also indicated that it would evaluate the need for workforce reductions. Corning's optical fiber business, where demand has remained strong in the first quarter, is not affected by this announcement.

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