American Management Assoc. FlexStudy programs

Corning Consolidates

Manufacturing News Center

High purity fused silica and fluoride crystal materials production will be moved to the company's Canton, N.Y., facility, and its fluoride crystals components finishing production into Corning Tropel's operation in Fairport, N.Y., as Corning closes its Charleston, S.C., and North Brookfield, Mass., facilities.

Corning estimates the charges for these actions to be in the range of $70 million to $80 million pretax with approximately 5 percent of the charge being cash. The company also estimates these actions should save about $12 million pretax on an annualized basis.

Approximately 135 employees will be affected in Charleston and North Brookfield, although Corning said it intends to reassign about two dozen employees to other Corning facilities. Approximately 70 new jobs will be created at the Canton and Corning Tropel facilities as a result of the consolidation.

"The dramatic cyclicality of the semiconductor equipment market requires greater flexibility and lower costs than we currently have in our structure," James R. Steiner, senior VP and GM of Corning specialty materials, said in a statement. "Although we believe the market is currently improving, we are taking this action to attain the flexibility and costs required to succeed through the entire up and down cycle."

Steiner went on to say that Corning's committed to the semiconductor optics market has not swayed. Manufacturing equipment and process capabilities will be relocated to Canton and Corning Tropel as part of the consolidation, so there will be no loss in the business's ability to service its customers for either product line.

The consolidation schedule has the North Brookfield plant closing by the end of this year and the Charleston facility closing by the end of Q1 2004.

"Unfortunately, these actions will negatively impact employees in both Charleston and North Brookfield," Steiner said. "However, as with previous workforce reductions, as operations are terminated in these locations we will treat the people and communities affected in the best manner possible, and in a way consistent with our corporate values."

Log onto Corning Careers to search for new employment. And check back often for new additions.

WE WANT YOUR FEEDBACK.

Did you find this material interesting?
Do you want more information of this type?

Comment via FEEDBACK

What related topics would you like to see covered?
What additional information on this topic would you find useful?

Source: Electronic News

Have you seen the Great Deals from top brand name manufacturers? You haven't? What are you waiting for? Get insider promotions. Click Here for deals

Jobwerx makes no representation as to the accuracy of information transmitted herein.