Corning to sell or dismantle venerable Steuben Crystal division

After nearly a decade of huge losses, Chemical/Glass manufacturer and innovator Corning Inc., has decided that its prestigious Steuben Crystal division must be sold or shut down.

Steuben which was founded in 1903 and is America's leading high-end crystal brand (along side French Baccarat, Irish Waterford, Swedish Orrefors among others) has consistently lost money serving as a showpiece business for the parent company. There is a world-renown glass museum associated with the Steuben facility in Corning, NY.

Apparently the mounting losses have reached a point where the prestige value of Steuben no longer merits the financial burden. The weakening economy has begun to negatively impact both luxury goods manufacturers and retailers. With the view that the recession will be fairly long, Corning may have decided to cut their losses now rather than try to wait for the economy to turn around. Additionally, crystal as a traditional wedding and anniversary gift is losing favor among both baby boomers and their children given its "only for special occasions" use and high maintenance perception. There has been a notable shift towards owing less formal homewares in the past several years.

Watching out for you everyday.

Eli