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[December 2003]
Corning to Consolidate Fused Silica and Fluoride Crystal Operations
Corning Inc (Corning, NY, USA) is consolidating the manufacturing operations of its high purity fused silica (HPFS) and fluoride crystal materials production into its Canton, NY, USA facility, and its fluoride crystals components finishing production into Corning Tropel's operation in Fairport, NY, USA. These actions are resulting in the closure of Corning's facilities in Charleston, SC and North Brookfield, MA.Corning estimates that the charges for these actions will be in the range of $70 million to $80 million pre-tax, with approximately 5% of the charge being cash. The company also estimates that these actions should save about $12 million pre-tax on an annualised basis. Approximately 135 employees will be affected in Charleston and North Brookfield, though Corning intends to reassign about 25 employees to other Corning facilities. Around 70 new jobs will be created at Canton and Fairport.
The consolidation schedule has the North Brookfield plant closing by the end of 2003 and the Charleston facility closing by the end of the first quarter of 2004.
ENDS