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JDS Uniphase (JDSU) reaffirmed third-quarter guidance and promised to fire 700 people by ending North American manufacturing operations.
The company said it would move the manufacturing done at its Ewing, N.J., and Melbourne, Fla., plants to China and contractors. The company will also transfer its Mountain Lakes, N.J., manufacturing operations to partner Fabrinet, and reduce manufacturing in Santa Rosa, Calif. JDS said the move would reduce its manufacturing staff by more than 15%. "These initiatives are part of a multi-quarter business transformation strategy for JDS Uniphase to achieve profitability by reducing cost structure and improving corporate agility," said CEO Kevin Kennedy. "We firmly believe that our ability to restructure major operations and rationalize our current portfolio, while investing in next-generation products, positions JDS Uniphase for success and differentiates us from the competition." On that note, the company reaffirmed its guidance for the fiscal third quarter ended last month, which called for a loss of 2 cents a share on revenue of $160 million. JDS rose 2 cents in postclose action to $1.64.TheStreet Premium Services
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