NETANYA, Israel Broadband access equipment developer Vyyo Inc. (Norcross, Georgia) is set to close its operations in Israel and lay off its 70 Israeli workers, after accumulated losses of $290 million.
Vyyo will continue its operations in the United States.
The company says the reason for the cutbacks is related to American cable operators delaying their investments in upgrading their infrastructure.
Vyyo products designed for use by cable television operators include spectrum overlay solutions designed to expand cable operators' hybrid-fiber coax network capacity in the "last mile" and business services solutions that can help operators meet the needs of small/medium-sized enterprises using existing cable plant.
Spectrum overlay is claimed to increase bandwidth by up to 2x in the downstream and 4x or more in the upstream, addressing requirements for residential and business services.
Founder, chairman and former CEO David Gilo owns 29 percent of Vyyo.