Tel Aviv-based Seabridge is cutting 25% of its workforce of 270.

Seabridge, a member of the RAD group, develops broadband access solutions. It is owned by the German electronics giant Siemens (NYSE:SI).

CEO Aharon Aharon yesterday convened the employees to advise them of the dismissals.

Aharon said that because of the slowdown in the communications market, the company had lowered growth forecasts for the coming year and had no choice but to truncate spending in line with the new figures. He added that he believes the slowdown is temporary, and that the company will retain its position.

Sales for fiscal 2001, which for Seabridge ended in September, were fourfold sales in fiscal 2000.