Nervous wreck. Anyone having more info?
11 replies (most recent on top)
I hear headquarters is also moving to Charlotte, NC and Wendell is retiring? These cuts are typical of Corning, layoffs really have been part of their business plan. It's the flip side of overhiring. They overhire especially in R&D, based on hope its a bad habit they picked up in the late 90s during the Enron and Telecom bubble, which ended terribly in 2002-2003. With the size of their spending on R&D over the last 20 years they should be a $25B company. Corning of the past 2 decades have lived the good life for primarily off of optical fiber revenue,... tweaking an inherited invention from the 70's.
Corning has good investment of solid state battery, which has great potential in next five years. This field has great potential, as it has been the “big break through in next five years” since 1970s
Do you think Corning has any innovations coming to deal with the wind down of diesel and gas engines?
@whg+1qusd0qE, agree with you. At least it doesn't seem they have been going for personal squeeze.
"Not that any of us want bad news but this is thelayoff.com"
Exactly - and the reality is that layoffs are based on maintaining profitability given certain income and profit margins. In Q4 we were hearing that the company was 'correctly sized for X run rate - X being Q3 revenue'.
The fact that we are seeing significant layoffs means either:
- They were using 'hope as a plan' and now doing layoffs they hoped wouldn't have to happen.
- Q4 was significantly lower in sales.
- 2023 overall margin was lower so they need to offset that.
- 2024 is estimated to not recover so they're establishing a new baseline organization.
On the upside, the fact it didn't happen in December means (probably) they weren't trying to just pump the stock price artificially for extra exec bonuses.
“Any good news in the horizon? If not, we will have more cuts in the future“
Not that any of us want bad news but this is thelayoff.com
It seems apropos to discuss layoffs.
Any good news in the horizon? If not, we will have more cuts in the future
In regards to
“ What I am hearing is that none of the big moves associated with the closure of Decker, A & B building (and Big Flats* but that is nearly empty anyway) are being scheduled yet BECAUSE they're waiting for the dust to settle - so no use moving people around if there will be a few hundred fewer people when the musical chairs games stop.”
The move dates for MTE have been scheduled from January 31st - Feb 5th. There isn’t any specific information on which groups are moving on which day, however.
"It paralyzes the entire workforce."
Very true - when you have Sr Managers and Directors in that state it really tells you that communication isn't happening and that it is disrupting everything.
"The real question is, is next week the end or are there more rounds to come?"
What I am hearing is that none of the big moves associated with the closure of Decker, A & B building (and Big Flats* but that is nearly empty anyway) are being scheduled yet BECAUSE they're waiting for the dust to settle - so no use moving people around if there will be a few hundred fewer people when the musical chairs games stop.
- also the new rumors are the Big Flats facility is being sold (it almost was in 2008).
Having not survived the near death experience of the company in 2001, this feels very familiar.
It paralyzes the entire workforce. Everyone is feeling the stress, talking about cuts & waiting for next week to pass. The real question is, is next week the end or are there more rounds to come?
Same! But nope nothing let's just stress out the workers.