Corning Inc. cuts around 200 Corning area jobs in global workforce reduction
Corning Inc. recently eliminated about 200 jobs in the Greater Corning area as part of a global workforce reduction due to revenue shortfalls at the company.
Overall, Corning Inc. is slashing around 1,000 jobs.
“Near-term revenues across our business are expected to continue to be lower than previous outlooks,” said a Corning Inc. spokesperson. “As a result of these macroeconomic challenges, we took the difficult but necessary decision to evaluate our capital and operating costs, which resulted in a limited reduction of our global workforce.
"We remain confident in our market opportunities and will continue to invest to capture growth across our business going forward.”
A Corning Inc. spokesperson said the cuts represent approximately 2% of the company’s global workforce of about 50,000.
In October, Corning CEO Wendell P. Weeks reported "weak demand across our markets" in the company's third-quarter results. Weeks also noted the company grew free cash flow to $466 million.
"Our markets continue to reflect demand below trend lines, but our sales will recover, and we will return to growth," said Weeks. "In the meantime, we will continue to improve our profitability and cash flow, even in this current muted sales environment."
More: Homes, apartments, commercial property: Corning area's biggest sales of 2023
The workforce reduction marks the second consecutive January that Corning has eliminated over 1,000 positions globally. The company cut close to 1,500 jobs worldwide in January 2023 amid concerns about economic conditions. The company did not share how many salaried jobs were cut at plants in the Greater Corning area during that layoff.
This article originally appeared on The Leader: Corning Inc. cuts 200 Corning area jobs in global workforce reduction
