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Corning cuts more jobs
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August 29, 2001: 4:57 p.m. ET
Corning's fiber shipments to decline in second half of 2001
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NEW YORK (CNNfn) - Fiber-optic cable maker Corning Inc. is cutting 1,000 jobs from its optical fiber business in response to slowing orders, bringing total job cuts from the start of the year to 20 percent of its work force.
The company said Wednesday it "expects overall market growth for all optical fiber in 2001 to be significantly less than the previous 15 percent outlook."
The move comes just two weeks after Corning (GLW: Research, Estimates) said it was cutting 900 jobs from its cable systems division.
The latest cuts bring the total number of jobs being cut to about 8,000.
The Corning, N.Y.-based company said its unit shipments for optical fiber and cable for the second half of 2001 be less than in the same period of 2000.
"While year over year fiber pricing has remained stable through August, we expect that average pricing for the year could be down by the previously disclosed zero to 5 percent range," CFO James Flaws said in a statement.
Corning said the cost of the cuts will be included in its previously announced $300 million to $400 million restructuring charge for the second half of 2000.
Corning stock fell 79 cents to $14.60 Wednesday, a drop of 5.1 percent. 
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Corning
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