Corning backs out of plant in OKC
Thursday, July 25th 2002, 12:00 am
By: News On 6
(Oklahoma City-AP) -- There will be no Corning Incorporated plant in Oklahoma City.
The Corning, New York-based company is canceling plans for a fiber optics plant that would have employed 800 people.
The announcement came the day after Corning announced a second-quarter loss of 370 million dollars and its debt was cut to junk status.
The company says the decision is because of the bankruptcies and ongoing accounting scandals of some of its customers.
Corning announced in December 2000 it would build a 400 million dollar plant, but put those plans on hold about six months later.
Corning has spent nearly 40 million dollars building the plant, which is less than ten percent complete.