Corning to Cut Jobs at Optical-Fiber Unit

Corning Inc., the biggest maker of glass used in telecommunications networks, will cut 1,000 jobs at its optical-fiber business and said the unit’s second-half shipments will decline from a year ago.

Corning will eliminate hourly and salaried workers at manufacturing plants in North Carolina, Wales, Germany and Australia. The increase in demand for optical fiber and cable will be “significantly less” than an earlier forecast of 15% growth this year, the company said.

Facing slowing sales, Corning plans to eliminate 8,000 jobs, or 20% of its work force, and close factories to stem losses. Shares of the Corning, N.Y.-based company fell 79 cents to close at $14.60 on the New York Stock Exchange, and slid as low as $13.82 after the announcement.