Forty-five jobs have been lost at Auckland-based manufacturer Buckley Systems, the company has confirmed.
Buckley director Janice Urlich said 45 positions had been made redundant, 12 of which were voluntary redundancies.
Two weeks ago the firm said staff at its Mt Wellington site would be laid off due to an over-inflated dollar.
Urlich said today that the high New Zealand dollar and the cyclical nature of Buckley's business were to blame for the job losses.
The company had experienced a drop in sales which began before last Christmas, Urlich said.
"We've been holding on as long as we can, but we have got to make sure the business is viable," she said.
The company still employed about 200 people, including three staff at its office in Boston, Massachusetts, Urlich said.
The company, which was founded in 1986 by engineer Bill Buckley, makes magnets which are used in electronics manufacturing and medical applications.
Buckley was a finalist for the Ernst & Young World Entrepreneur of The Year award in Monte Carlo in 2012 .
Despite today's job losses, Urlich said the outlook for the company was "optimistic"
"We think there will be an upturn and at that point we would be looking to rehire."