NewsWhore
02-04-2009, 02:00 PM
Corning Cable Systems plant located at the Itabo free trade zone (PISA) and in operation there for more than 20 years, has announced it would shut down its Dominican plant at the end of the year. Hoy writes that the company's 1,500 employees were notified of the decision on 31 December 2008. Many long time employees will receive considerable severance payments.
According to a company press release, the company decided to make job cuts in its operations worldwide as a cost-cutting measure in reaction to the international financial crisis. "Corning Inc., Corning Cable System's parent company, is cutting its worldwide work force by 3,500 employees, or 13 percent, as part of a restructuring plan," states the company. But Peter Leon, manager of Corning's local operations, says that the DR's energy, transportation and fuel prices are the highest in the region, making it less competitive. According to Hoy, the company's decision is final. Leon said that Corning was the first to announce a closure in the Parque Industrial Itabo free zone, one of the oldest in the DR and where 15 companies are located. Company layoffs will be made gradually this year. The company says the decision seeks to keep the company "competitive in these challenging times." Corning Cable Systems is a subsidiary of New York-based Corning Inc. which makes optical fiber, cable and other telecommunications products. Corning Cable Systems currently employs about 10,000 workers worldwide.
More... (http://www.dr1.com/index.html#8)
According to a company press release, the company decided to make job cuts in its operations worldwide as a cost-cutting measure in reaction to the international financial crisis. "Corning Inc., Corning Cable System's parent company, is cutting its worldwide work force by 3,500 employees, or 13 percent, as part of a restructuring plan," states the company. But Peter Leon, manager of Corning's local operations, says that the DR's energy, transportation and fuel prices are the highest in the region, making it less competitive. According to Hoy, the company's decision is final. Leon said that Corning was the first to announce a closure in the Parque Industrial Itabo free zone, one of the oldest in the DR and where 15 companies are located. Company layoffs will be made gradually this year. The company says the decision seeks to keep the company "competitive in these challenging times." Corning Cable Systems is a subsidiary of New York-based Corning Inc. which makes optical fiber, cable and other telecommunications products. Corning Cable Systems currently employs about 10,000 workers worldwide.
More... (http://www.dr1.com/index.html#8)