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Corning Inc. said it will close two manufacturing plants serving its specialty materials business due to "significant financial and operational challenges" in the company's semiconductor optics business.

The two plants scheduled to be shuttered are located in Charleston, S.C., and North Brookfield, Mass. Corning said it will transfer the production of high purity fused silica and fluoride crystal components from the plants to other locations in Canton and Fairport, both in New York.

Corning said it will take a charge of up to $80 million for the closures and expects annual savings of up to $12 million as a result of the action.

The North Brookfield plant is expected to cease production by the end of this year while the Charleston facility will be closed in the first quarter of 2004.

135 employees will lose their jobs as a result of the plant closures although the company expects to create 70 jobs at the Canton and Fairport plants.