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Technology Stocks : Corning Incorporated (GLW)

GLW 103.25

+0.2%

Jan 30 9:30 AM EST

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To: Jerome who wrote (1485)	10/4/2001 10:14:27 AM
From: Proud_Infidel	Read Replies (2) of 2260

Corning to cut 436 UK jobs, closing Welsh plant LONDON, Oct 4 (Reuters) - Corning Inc. (NYSE:GLW - news) said on Thursday it was closing its optical fibre plant in North Wales, and 436 staff there would lose their jobs. The U.S. company, the world's largest maker of fibre-optic cable, will close the Deeside factory by the end of the year, because of falling demand for optical fibre in North America and Europe. ``It is regrettable that we must consider taking this action, but this is the most viable course given the difficult market environment we are facing,'' said Corning Optical Fiber general manager Alan Eusden in a statement. Corning was consulting workers' representatives about the job losses. The UK workers are among 12,000 employees the company expects to lay off by the end of the year. It announced on Wednesday it was idling most of its remaining optical fibre manufacturing plants because of the poor state of the market.

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