Jenoptik Laser Plans to Lay Off 38

Jenoptik Laser GmbH plans to cut 38 full-time jobs in the new year, citing "new market requirements."

"We anticipate a protracted period of consolidation in the laser industry," said Managing Director Wolfgang Keller. "The global market for lasers remains under considerable pressure. We cannot offset our decline in earnings in such a short timeframe with the measures currently in place to increase productivity and efficiency."

The company said management will consult with the facility's works council "to ensure the planned personnel adjustments are effected in a socially acceptable manner."

Additionally, the company said it would not renew or extend any fixed-term contracts.

Parent company Jenoptik AG employs around 2,900 people in full-time positions at its various locations.