Corning Inc. Set Up Well for Stability
Wednesday, December 7, 2016
Source: Star Gazette
Corning Inc. had a rough start in the 21st century.
The company, which had flourished in the 1990s, stumbled when the optical communications market collapsed.
Its sales dropped precipitously, its losses mounted. It closed factories and fired thousands of employees. There were even whispers that the company might not be able to survive.
But survive it did, by cutting costs, borrowing to cover expenses and selling massive amounts of new stock to stay afloat.
By 2008, it was back on its feet, when the worst recession since the Great Depression hit.
The Fortune 500 company again stared down financial trauma. By 2014, it bounced back to a record $10 billion in sales, based on popular products like Gorilla Glass for cellphones, and liquid-crystal display glass for televisions and computers.