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News > Companies
Corning cuts 825 jobs
March 1, 2001: 8:16 a.m. ET

Tech firm cites weakness in telecommunications industry
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NEW YORK (CNNfn) - Fiber-optics maker Corning Inc. announced Thursday that it will cut 825 jobs in its photonic technologies division, citing weakness in the telecom industry.

The layoffs will come from the company's Benton Park, Pa., and Erwin Park, N.Y., plants.

Earlier this month, the company lowered revenue expectations for the division, blaming weaker market conditions.

Corning said the job cuts will not affect its optical fiber business, where demand has remained strong in the first quarter.

Shares of Corning (GLW: Research, Estimates) closed Wednesday at $27.10, off $1.55, or 5.4 percent. graphic




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