At 8:00 June 6 Mike Bell announced a 5% cut in the Optical Communications workforce the end of June 2023. This includes R&D and manufacturing over all regions.
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starting 8/20//23.optical plants will be on a plant wide rolling layoff.one week work 3 days next week off and on unemployment which only pays$350 a month(what a days pay is for most of us)
I heard that for the first time in a while Fiber capacity is not sold out. MTE projects were cut with no notice on 5/31 just before the announcement of layoffs. Another commenter noted the S&T impact - which is interesting since when CPT axed 43% of its people there was zero S&T impact.
There was an meeting of AR&D (Director: Inna Kouzmina) which disclosed the following:
A 5% cut to COC (Corning Optical Communication) is planned for the end of the month. She will satisfy the 5% cut in her directorate through some planned retirements.
In the previous meeting with Mike Bell, someone asked if this would be the end of the cuts for 2023. Mike said that it probably would be ONLY if things stayed flat or improved. If business gets worse then expect more cuts on a regular basis.
My thoughts: The jobs report of June 2 was excellent and showed a strong economy. These are NOT hard times. Corning's poor performance is not the fault of the economy.
Any more information about this?