Corning Cancels Plant Plans

CORNING, N.Y. -- Corning Incorporated (NYSE:GLW - News) today announced that it has cancelled plans to build an optical fiber manufacturing facility in Oklahoma City, Okla., due to current market conditions in the telecommunications sector. Impairment charges for the Oklahoma City facility were taken in the second quarter as part of Corning Incorporated's previously announced plans for aggressive cost reductions across the company. Corning announced plans to build a fiber manufacturing facility in Oklahoma City in December 2000. In June 2001, Corning announced that it would delay the construction project -- which was less than 10% complete -- for at least 12-18 months in response to changing market conditions. Corning Inc.