The optical components maker Bookham Technology has said it is to close two of its sites with the loss of 70 jobs.

The company is shutting a plant in Swindon and a site in Maryland in the US in order to cut costs.

Bookham will now concentrate its worldwide production at two sites near Oxford.

Chief executive Giorgio Anania said the measures would help to simplify the business.

"The plant closures are not a reflection of lower than expected sales but the fact that we can operate more efficiently," he said.

Bookham was valued at about �6bn at the height of the hi-tech boom.

But like many other firms it is now suffering from telecoms companies cutting back on spending because of overcapacity and the global economic slowdown.

Bookham shares stood 1.5p firmer at 70.5p in morning trade in London on Wednesday.