Corning staff cuts to extend to Europe?
As part of its April plan to cut about 4,000 staff (12.5% of its 31,000 workforce) to achieve its goal of returning to profitability in 2003, Corning Inc is to cut about 1,500 jobs and offer early retirement to about 600 more. This is through downsizing its Corning Cable Systems operations in North and South America and restructuring its Optical Assembly Plant in Hickory, NC, USA, in addition to the previously announced closure of a facility in Puerto Rico by end-Q1/2003 (affecting 450 staff).
Corning cut 12,000 jobs last year and incurred charges of USD961m. The company expects charges of USD600m over Q2 and Q3/2002.
Plans to reorganise Corning Cable Systems' European facilities were due to be announced in July.