Light at the end of the tunnel?<pun intended>
Tuesday November 13 11:27 AM ET
Corning Sees Turnaround in Second Half of 2002
NEW YORK (Reuters) - Corning Inc. (NYSE:GLW - news), the world's largest maker of fiber-optic cable, sees a turnaround in its business in the second half of 2002, President and Chief Executive John Loose said on Tuesday.
``We see a turnaround in six to nine months because the regional (telephone) carriers are going to be facing emerging problems, and they're going to have to start building out fiber-optic networks,'' Loose told Reuters at a telecommunications conference here.
Speaking at the UBS Warburg Global Telecom Conference, Loose said Corning does not expect to cut its 2002 capital spending budget any further.
``We have said our capital spending will be between $600 million and $700 million next year, which is down from $1.8 billion this year,'' he said. ``I don't foresee it going any lower.''
Loose said he hopes there are no job cuts in 2002, but added, ``We're not going to run this company on hope.'' The company, which employed 43,000 people at its peak, will cut as many as 12,000 jobs by the end of this year. |
