Corning considering job cuts, consolidating factories

Corning Inc., the high-tech glass manufacturer with "several thousand" employees in North Carolina, is considering job cuts as demand cools for televisions in the slumping economy.

The New York-based company said it will also consider consolidating its manufacturing plants to reduce operating expenses. Any reductions will be announced in January, Corning said today in a statement.

The company is the largest maker of glass for flat-panel televisions. Orders are slowing as consumers curb spending on big-screen TVs and electronics amid the credit crisis.

The company cut its sales forecast for the quarter last month after Best Buy Co., the largest U.S. electronics retailer, and Intel Corp., the biggest maker of computer chips, also cut projections. Corning also said it plans to reduce its glass prices in the first quarter to combat excess inventory in the supply chain.

"We are feeling increased pressure for pricing relief from our customers," Chief Financial Officer James Flaws said in the statement.

All divisions except for life sciences have been hurt in the slumping economy, the company said.

Corning's stock fell 2 cents to $8.97 in morning trading. It had fallen 63 percent this year before today.

Corning doesn't break out its work force by location, but it employs "several thousand" in North Carolina, said spokesman Daniel F. Collins.

They're primarily in Concord and Wilmington, where the company makes fiber optics, and in Hickory, which is the headquarters for Corning's Cable Systems business. Among other duties, workers at that facility create underground cables from the optical fibers Corning makes elsewhere.