SAN JOSE, CA – Magma Design Automation Inc. will cut 17% of its workforce, consolidate several plants and reduce salaries as part of a cost-saving measure. According to Roy Jewell, president and COO, the layoffs reach all departments and global facilities.
 
In October, Magma eliminated approximately 10% of its 1,000 employees. During the third quarter, the company implemented a 20% salary reduction for senior management and smaller reductions for most other employees. It closed two sales and support offices in North America and one in Europe. There are also plans to consolidate operations in Beijing and Shanghai.