Electromagnet maker Buckley Systems lays off 45 NZ staff

New Zealand Electromagnet manufacturer Buckley Systems has made 45 staff from its manufacturing facility redundant, blaming the high New Zealand dollar.

Stuff.co.nz reports that the workers are base at the company’s headquarters in the Auckland suburb of Mt Wellington. 12 of the positions were voluntary redundancies.

Buckley director Janice Urlich told stuff.co.nz that, along with the exchange rate, the cyclical nature of Buckley’s business was to blame for the decision.

"We've been holding on as long as we can, but we have got to make sure the business is viable," she said.

According to the company’s website, it supplies precision electromagnets to over 80% of the world's market. Most of its business is done in the US and it has three employees at its office in Boston, Massachusetts.

Ahlene McKee, lead organiser with the Engineering, Printing and Manufacturing Union told stuff.co.nz that Buckley Systems had been cooperating with the union and members will be entitled to redundancy payments as part of their collective agreement.

Image: NZ Trade and Enterprise