| Cadence Cuts Workforce by 5% |
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| Written by Kathy Nargi-Toth | |||
| Wednesday, 10 June 2009 16:54 | |||
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SAN JOSE, CA -- Cadence Design Systems, Inc. will further reduce its workforce by 5%. Cadence will eliminate approximately 225 full-time positions.
This follows the 12% workforce reduction announced in November 2008 that eliminated 625 positions. The worldwide field organization will be reduced and there will be a decrease in investment in the manufacturing side of DfM and other infrastructure areas. The company will continue to invest in verification and system-on-chip (SoC) development. Workforce reductions will be completed in the second-half of fiscal 2009. This will result in a restructuring charge of approximately $20 million to $25 million, pre-tax. Cadence expects to achieve annual operating expense savings of approximately $30 million from the combination of workforce and expense reductions. “Our immediate focus is on our core capabilities, streamlining operations and preparing for the next phase of Cadence's growth," said Kevin S. Palatnik, senior vice president, CFO. "Consistent with this focus, we have resized various levels of investment in the business, resulting in the actions announced today.”
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| Last Updated on Wednesday, 10 June 2009 22:10 |
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