SAN JOSE, CA -- Cadence Design Systems, Inc. announced it will eliminate at least 625 full-time positions, representing 12% of its global employee base, plus a substantial number of contractors and consultants by the second half of fiscal 2009. The work force reduction is estimated to save the company $150 million annually. 
 
Cadence expects to record a restructuring charge of approximately $65 million to $70 million pre-tax, $48 million of which will be recorded in the third quarter of 2008.

“We are taking decisive action to improve our operational execution and financial performance,” said Kevin S. Palatnik, senior vice president, chief financial officer and member of the Interim Office of the Chief Executive. “The focus we are placing on efficiency and productivity, and the resulting restructuring actions, reflect our absolute commitment to improve operating performance.”