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Technology Stocks : Corning Incorporated (GLW) -- Ignore unavailable to you. Want to Upgrade?

To: Jerome who wrote (1485)	10/4/2001 8:08:03 AM
From: Proud_Infidel	Read Replies (1) \| Respond to of 2260

Corning Proposes Closing Its Deeside Optical Fiber Manufacturing Facility North Wales plant will run limited operations through the end of the year CORNING, N.Y.--(BUSINESS WIRE)--Oct. 4, 2001--In response to the continued weakening in demand for optical fiber in North America and in Europe, Corning Incorporated (NYSE:GLW - news) today announced that it is proposing to close its optical fiber manufacturing operation in Deeside, North Wales. The company plans to continue low level operations at the facility through the end of 2001. Approximately 436 employees will be affected. ``It is regrettable that we must consider taking this action,'' said Alan Eusden, senior vice president and general manager, Corning Optical Fiber, ``but this is the most viable course given the difficult market environment we are facing. Corning will utilize a consultative process with employee representatives and will act with responsibility and compassion.'' Corning acquired the 50 percent of the Deeside operations, then known as Optical Fibres, that it did not already own from BICC, plc in November of 1998. The plant is one of five Corning optical fiber manufacturing plants worldwide. The other operations are located in Wilmington and Concord, North Carolina, Neustadt Bei Coburg, Germany and Noble Park, Victoria, Australia. Established in 1851, Corning Incorporated (www.corning.com) creates leading-edge technologies for the fastest-growing markets of the world's economy. Corning manufactures optical fiber, cable and photonic products for the telecommunications industry; and high-performance displays and components for television, information technology and other communications-related industries. The company also uses advanced materials to manufacture products for scientific, semiconductor and environmental markets. Corning revenues for 2000 were $7.1 billion.

To: Jerome who wrote (1485)	10/4/2001 10:14:27 AM
From: Proud_Infidel	Read Replies (2) \| Respond to 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.