The $900-million investment that was announced in 2000 would have made Corning's Concord facility the world's largest fiber optic manufacturing plant. Now, instead of boosting the Cabarrus County economy and employment roles, Corning is laying off workers.
Corning and its affiliated companies operate five plants in North Carolina. They are in Wilmington, Hickory, Durham, and Winston-Salem in addition to Concord. According to published reports, more than 970 jobs have been cut so far at the Wilmington and Hickory plants, and further downsizing is anticipated as shareholders are told in a second-quarter report the company will reduce its workforce by 4,400.
Corning suffered a net loss of $370 million during the second quarter of this year. It is the company's fifth consecutive quarterly loss.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
