Corning slashes 3,500 jobs

[Pale Blue Dot]

Source: CNN Money

NEW YORK (CNNMoney.com) -- High-tech glass and ceramics maker Corning Inc. announced Tuesday it will cut 3,500 jobs, or 13% of the company's workforce, by the end of 2009.

Corning (GLW, Fortune 500), which makes glass for LCD screens and monitors in addition to fiber-optic technology, said its restructuring efforts will save the company between $150 million and $200 million a year.

In addition to job cuts, the company said it will launch an early retirement program, consolidate manufacturing facilities and suspend merit-based pay increases for salaried employees.

The company also announced sales for the fourth quarter of 2008 fell 30% from the previous year, and earnings per share tumbled 70% from the fourth quarter of 2007.

"We experienced a significant momentum shift in many of our core businesses in the fourth quarter as the recession took hold," Corning CEO Wendell Weeks said in a statement. "As a result, we are adjusting our operations to reflect anticipated lower sales in 2009."

Read more: http://money.cnn.com/2009/01/27/news/economy/tuesday_jobs/?postversion=2009012707

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...and here we go again.

[madrchsod]

1. that`s worldwide cuts