Hi-tech firm Siemens Magnet Technology is cutting 45 jobs at its Eynsham factory due to a slowdown in its key healthcare market.
Staff were told as they came into work this morning.
Managers said they were looking for volunteers for redundancy to come forward during a 30-day consultation process.
The company makes the magnets used in magnetic resonancing imaging (MRI) scanners in hospitals around the world.
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