EMCORE to cut workforce due to liquidity issues

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Loss-making EMCORE Corporation said in an SEC filing that it is planning a sweeping range of cost-cutting measures and refinancing moves to improve the company’s financial liquidity. A workforce reduction will be made to lower operating costs, though how deep the cuts will be was not disclosed.

EMCORE is also selling non-core equity interests to boost its cash position as well as seeking a minority share sale in its photovoltaics business before its actual spin-off, which was announced earlier last year.

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EMCORE also said that it would be liquefying remaining auction rate securities, which were approximately US$3 million, according to comments made in EMCORE’s 3Q08 financial conference call. The company will also attempt to sell other assets, though these were not specified.

In 2008, EMCORE acquired Intel Corporation’s Optical Platform Division for $85 million to boost its position in the fiber optics industry. EMCORE has also suffered from major order cancellations in its CPV business in 2008.

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