Corning To Lay Off 825 Workers Due To Telecom Softness
March 7, 2001
Glass and fiber optics maker Corning Inc. will lay off 825 workers at photonics manufacturing facilities because of decreased demand from the softened telecommunications industry. Corning said demand at its optical fiber business has remained strong in the first quarter, and is not affected by the layoffs. The facilities affected are in Benton Park, Pa., and Erwin Park, N.Y. Softness in the telecom industry has resulted in decreased demand for photonics products, which are used to send telecom signals across fiber optic lines, Corning said. On Feb. 16, Corning lowered its forecast for photonics revenue growth, after leading telecommunications equipment maker Nortel Networks Inc. warned of slower growth.