Corning layoffs continue with 900 additional cuts
In addition to layoffs announced earlier in the year, Corning Inc. has dismissed 900 employees effective immediately, the company said.
The latest round of job cuts brings the total number of eliminated positions to 6,800 so far this year, Corning said in a statement. Since May, 8 percent (or 1,140 employees) of Corning's workforce of 14,000 have received pink slips, Corning said.
The layoffs are necessary due to an ongoing decline in the telecommunication sector, which Corning says has been unrelenting. The company does not expect to see a near-term recovery, Corning said.
Corning is the world's largest maker of fiber optic cable. A total of 450 hourly and salaried employees working at its fully owned subsidiary Corning Cable Systems in North Carolina, Texas, Missouri, the Dominican Republic, Puerto Rico and Mexico have been laid off, while 450 employees have accepted one of three "voluntary separation offers" Corning made on Aug. 3, the company said.
The voluntary separation offers are for early retirement, voluntary severance or voluntary layoff, Corning said.
Just last month, the company announced it was to cut 1,000 workers from its rolls and close three manufacturing plants by the end of the year.
At the time Corning said it also planned to take a US$5.1 billion charge against earnings to write down inventory and the value of acquisitions. Corning did not disclose if it planned to take any sort of charge in relation to this latest rounds of layoffs.
Even more job cuts could be instituted before the end of the year, Corning said.
Corning, based in Corning, New York, can be contacted at +1-607-974-9000, or online at http://www.corning.com/.
ITworld.com
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