Corning Inc., the futuristic glass maker, is all set to shatter 13 percent of its employees by 2009 end.

In an announcement on Tuesday, the company said that it intends laying-off 3,500 employees. Other shockers from the specialty glass maker include launching premature retirement plan, fusing manufacturing units, and shelving pay hikes for salaried employees.

The pronounced restructuring attempts are expected to bring in a yearly saving of between $150 million and $200 million for the company that manufactures glass for LCD screens, monitors and fiber-optic cables.

Corning's fourth-quarter net income of $249 million, or 16 cents a share, is a sizeable drop from the year-before figures of $768 million, or 49 cents a share. While the company's fourth-quarter sales plunged 30%, the earnings per share plummeted 70% from the earlier year.

The ongoing slump in the markets has cut down demand from manufacturers for LCDs in flat-panel televisions and computer displays. The company's Taiwan customers have been the hardest hit by the slowdown.

Commenting on the company's restructuring efforts, Wendell Weeks, CEO Corning, said: "We experienced a significant momentum shift in many of our core businesses in the fourth quarter as the recession took hold. As a result, we are adjusting our operations to reflect anticipated lower sales in 2009."