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Finisar to cut 55 jobs in Horsham

Finisar Corp., a California manufacturer of optical telecommunications equipment, said it planned to lay off 55 employees who work at its Horsham facility in response to a slowdown in product demand.

Finisar Corp., a California manufacturer of optical telecommunications equipment, said it planned to lay off 55 employees who work at its Horsham facility in response to a slowdown in product demand.

In a notice last week to the Pennsylvania Department of Labor and Industry, Finisar said the cuts would be made between now and the end of November.

The company currently employs about 165 people in Horsham, who do research and development and manufacturing at the site of the former Optium Corp.

Finisar purchased Optium last year in an all-stock deal worth about $211.7 million. At the time of the deal last May, Optium employed more than 200 people at the Horsham facility, and said employment there could grow as the company designed more products.

Michael C. Andrews, assistant general counsel, said today that the workforce reductions were dictated by industrywide conditions.

"All of our competitors are doing the same thing," he said. "In fact, their cuts are deeper."

Finisar is headquartered in Sunnyvale, Calif. Company shares were trading this afternoon at 38 cents, unchanged from Tuesday.    - Jeff Gelles