Corning closing R&D center in Israel, laying off entire workforce
Corning closing R&D center in Israel, laying off entire workforce
Dozens of employees will lose their jobs due to the multinational tech giant’s cutbacks
Multinational tech giant Corning is closing its R&D center in Israel and laying off all of its employees, Calcalist has learned. Corning Israel (formerly MobileAccess) currently employs dozens of employees who will all lose their job.
Nissim Atias, General Manager of Corning Israel, confirmed the closure. "Corning is today taking many steps to support its long-term growth and it is taking a number of actions to adjust its expense structure and has closed its center in Israel. We made every effort to find other alternatives. We will provide everyone with a comprehensive support package and compensation," he said.
Corning Israel was founded on the basis of local company MobileAccess, which Corning acquired in 2011 for about $180 million.
The company developed a system of antennas that provide wireless coverage to buildings and organizations. Corning, which specializes in providing cable and optical communications, acquired MobileAccess to develop its wireless communications capabilities. Corning currently has a market cap of over $26 billion on NYSE.
