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Corning Cable Systems reduces workforce by downsizing Hickory, N.C., plant and other jobs in the Americas; European reductions planned
June 11, 2002
CORNING, N.Y. -- Corning Incorporated (NYSE:GLW - News) today announced that Corning Cable Systems will eliminate more than 600 positions through a downsizing of its Americas organization and the restructuring of its Optical Assembly Plant in Hickory, N.C. These actions, along with the previously announced closing of Corning Cable Systems' Puerto Rico facility, represent a 10% cut in the business's total Americas workforce. Corning Cable Systems officials also said that they have begun the process of proposing a reorganization of their European facilities with appropriate employee representatives. Final European decisions will be announced in the next several weeks, as soon as they are agreed upon by all appropriate parties. These actions are part of the overall restructuring plans Corning announced in April. At that time, the company said it expected to eliminate about 4,000 positions and take a number of additional steps including consolidation of organizations, plant closures, elimination of some research and development operations, and potential sale of some smaller businesses. "While these actions are extremely regrettable," said Larry Aiello, Jr., president and chief executive officer, Corning Cable Systems, "they are necessary to respond to the significant decline in the telecommunications industry. We are resizing our organization to retain our competitive advantage in the global market and adapt to the reduced business expectations of our customers." Corning Inc.
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