Corning to Close Fountain Valley Plant

CORNING, N.Y., Feb. 13 -- Corning Inc. announced today it will discontinue commercialization of its wavelength switch and wavelength blocker product lines and that it will close its Fountain Valley, Calif., facility, eliminating 190 jobs.
As part of its plan to restore profitability in 2003, Corning said it has determined it needs to take another step to rationalize product lines and improve the positioning of its photonics technologies business. This decision extends solely to the wavelength blocking and wavelength switching product lines. Corning is working with its customers to resolve pending commercial obligations. The actions associated with this decision are targeted to be complete by mid-year.
"Corning pioneered the technical and commercial development of these products. We led the market in volume production, shipping more units than all of our competitors combined in the wavelength blocker product line," said Mark Newhouse, vice president of new products and development. "However, it has become evident that the current market for these products is smaller and further out than anticipated."
James B. Flaws, Corning's vice chairman and CFO, referenced today's actions at the company's annual investor conference in New York on Feb. 7. At that time, Flaws said Corning would continue to narrow its photonics product line.
Corning cut 8,800 jobs last year on top of 2,000 in 2001, shrinking its worldwide payroll to about 23,500 people.

For more information, visit: www.corning.com